Nigeria, World Bank chart pathway to sustainable green economy

Nigeria is taking significant steps to embed the value of nature into its national economic framework, with the backing of the World Bank and key government institutions.

At the center of this effort is the institutionalization of Natural Capital Accounting (NCA), a system that measures the economic worth of environmental resources like forests, water, minerals, and clean air.

At a technical workshop in Abuja, Mr Vinay Vutukuru, the World Bank’s Programme Leader for Sustainable Development, described NCA as vital to unlocking the country’s climate and development goals.

“Nigeria has set ambitious climate targets, including a net-zero emissions pledge by 2060,” Vutukuru said. “To meet these goals, we must understand the true value of our natural resources and manage them wisely. Natural capital accounting is the foundation for that journey.”

The workshop, organized in collaboration with the National Bureau of Statistics (NBS) and the National Climate Change Council Secretariat, marks a pivotal point in a two-year technical assistance programme supported by the World Bank’s Global Programme on Sustainability. The initiative has already produced ecosystem accounts for two Nigerian states and developed land and greenhouse gas (GHG) accounts going back to 2018.

Vutukuru emphasized that data and evidence must back up climate action. “Without strong systems to track natural capital, Nigeria will struggle to know whether it is progressing toward its climate commitments,” he said.

According the Vutukuru, ‘the workshop focused on two major objectives:, Embedding NCA practices across all relevant ministries and agencies and ensuring these systems remain in place and effective long after external support ends.

Dr Baba Madu, Head of the National Accounts, Energy and Environment Department at NBS, highlighted how traditional economic indicators often ignore the cost of environmental degradation.

“You cannot measure a nation’s progress without accounting for the health of its ecosystems,” he said. “Environmental changes have a direct impact on GDP.” he stated.

Representing the Director General of the National Climate Change Council Secretariat, Mrs Chioma Amudi pledged the Council’s full support in advancing NCA nationwide, including the development of a practical, data-driven model to guide implementation.

Experts from Kenya, Zambia, and international development organizations shared insights and success stories on how other countries have successfully integrated natural capital into national accounting systems.

As Nigeria positions itself to lead in climate-resilient development, the institutionalization of natural capital accounting could become a game-changer—turning environmental stewardship into a core pillar of economic planning.

Editing by Adeniyi Bakare