Economy

Nigeria’s economic diversification demands natural capital accounting application- Ag. Director

Published

on

The Ministry of Finance, Budget and National Planning  says application of  natural capital accounting to the country’s planning process is critical to attaining Nigeria’s economic diversification goals.

Mr Aso Vakporaye, Acting Director, Economic Growth in the ministry said this at a two-day workshop for Ministries, Departments and Agencies on “Mainstreaming Natural Capital Accounting into Nigeria’s Development Plan’’.

He said that the application of natural capital accounting would assist the country to achieve its economic diversification plan.

Natural capital economy is the process of calculating the stocks and flows of natural resources and services in a given ecosystem.

According to Vakporaye, accounting for such goods which may occur in physical or monetary terms, can help the country to diversify from oil-based economy to other natural resources.

“More income will be generated, we will fulfill the aspect of food security and we will have enough to feed Nigerians.

“We can put things together and can be exporting some of them.

“There are so many natural resources we can utilise to grow the economy.

“No doubt, even if there is no fossil fuel, these are enough to create income for national development.

“It is, therefore, important to provide detailed statistics for better management of these natural resources that contribute to economic development,’’ he said.

On his part, Mr Nnaemeka Oruh, the National Coordinator, Global Legislators Organisation for a Balanced Environment (GLOBE, Nigeria) said that Nigeria could also apply the principles of natural capital accounting to environmental protection and conservation.

“In addition, the process can subsequently inform government, corporate and consumer decision making as each relate to the use or consumption of natural resources and land.

“While we are trying to develop our Medium Term Expenditure Framework (MTEF), it is important that we apply the principles of natural capital accounting to assist Nigeria’s development plan.

“What we are doing is to ensure that government pays attention to the environment which is the bedrock of the economy.

“The country’s economy cannot survive without the environment; what we have been doing is taking from the environment without curtailing the plundering of the environment.

“We should take into consideration that when you take you should do something to replenish,’’ Oruh said.

Contributing, an environmental expert, Dr Eugene Itua, emphasised the need to protect the environment to give life more meaning.

“We don’t measure it in our Gross Domestic Products (GDP); we go to the forest, fell down the trees, we use water, we use energy but we don’t take account of all that we are doing rather than to just use,’’ Itua said.

Itua, who is Head, Natural Eco Capital, further pointed out the need to apply the process toward enhancing the country’s GDP, income and national planning.

“For a system that does not take account of this even if your GDP is growing, you are actually failing,’’ he said.

Edited By: Shittu Obassa/Grace Yussuf
Source: NAN

Short Link: https://wp.me/pcj2iU-3uoe

Ikenna Uwadileke

Ikenna Uwadileke: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

Group condemns attack on Ebonyi community 17,000 to date receive AstraZeneca’s first blow to Enugu – Official Concussion education leads to increase in World Rugby course completions to 1.8 million Nigeria registers 89 new COVID-19 infections, now totaling 164,000 Hon. Bolaji Dada charges women to actively participate in politics UN mandates ECOWAS with policies to protect and recognize women in informal sectors UN COVID-19 pooled fund funded 40% of medical supplies in Nigeria – Kallon FCTA educates farmers on resilient agriculture and food security systems Guber seeker advocates innovative approaches to boost Anambra IGR Chibok girls always on our minds, says the presidency NSCDC foils jailbreak attempt at correctional facility in Ubiaja, Edo Edo 2020: a sports festival to never forget – MOC Lawan is committed to supporting the profession of surveyor COVID-19: Osinbajo warns against vaccine nationalism COVID-19: Traditional leader tells Nigerians to put fears aside and get vaccinated Police confirm attack on Nsukka community Delta to host 21st National Sports Festival Debt figures published do not relate only to the FG – DMO FG reaffirms its commitment to securing the release of Chibok Girls Health group seeks media support to fight tuberculosis PDP Southwest Zone Congress: Caucus of Representatives Welcomes Result Farmers want insect-resistant, high-yielding cowpeas – NABDA Lagos Govt. recognizes Nigerian actresses Voriancorelli seeks N20 billion on Lagos Commodities Exchange Next NSF winners to go home with ‘Giant Eagle’ trophy Nigerian diaspora donates trumpets to NFSC OECD and AfDB strengthen the fight against corruption and the fight against corruption in companies Egbe-Idimu community unveils N250m trust fund 67,500 pregnant women will receive nutritional supplements in Kaduna The FG will sanction those who violate the rules on expatriate quotas – Minister Lagos inaugurates a 5-year agricultural roadmap Traditional leader urges Nigerians to take COVID-19 vaccine The FG appoints the boards of directors, the heads of certain educational agencies WHO and the International Organization of la Francophonie (OIF) sign a memorandum of understanding to strengthen access to health care in French-speaking countries The Minister ensures the implementation of the law on the FCT public service commission #ImagineCircularity: The circular transformation will not be broadcast live Nigeria can host African Games with facilities in Benin – Dalung Ramadan: Osinbajo preaches love, kindness, generosity UN Secretary-General’s Special Envoy for Libya discusses UN-African Union cooperation in support of Libya with AU Commissioners in Addis Ababa Kenya Private Sector Alliance (KEPSA) and Canada-Africa Chamber of Commerce Announce Major Memorandum of Understanding (MoU) FEC Approves N532m for UI Library Extension Over 1.2 million children not yet vaccinated in Nigeria – UNICEF Sweden invests heavily in global access to vaccines in fight against COVID-19 pandemic School exclusion in Madagascar during COVID-19 FG refutes Obaseki’s claims about the state of the economy Coronavirus – Malawi: COVID-19 update (April 13, 2021) Coe warns of effect of further Tokyo Olympics postponement UN-Habitat and Swedish International Development Cooperation Agency (SIDA) partner in cash transfer initiative to protect residents of Kismayo from effects of COVID-19 pandemic Mass Sack: Kaduna NLC calls for prayers Coronavirus – Sierra Leone: COVID-19 update (April 13, 2021)