Doing business differently in Nigeria: The emerging global green economy

The aim of this study was to examine contemporary body of knowledge on the vexed issues of switching to low-carbon economy, or what is termed green economy or a new way of doing business, different from the status quo. The idea is to stimulate the interest of prospective investors in Nigeria to the emerging global green economy. To accomplish this aim, the study adopted the method of critical review of available literature to answer seven research questions/objectives that were put forward.

The study found that low-carbon economy is not only essential for the stability of future business, and the health of the environment, but also as a new way of doing business; a stimulus to innovation and the discovery of new sources of competitive advantage.

In this regard, the role of forests as key assets in structuring of green economy became obvious. Focusing on forests help draw attention to the importance of creating green economy at local, regional and global levels. Doing business differently, therefore, includes investing in afforestation, reforestation, forest preservation, and reducing emissions from deforestation and degradation (REDD). These are marketable assets in a green economy- either by way of forest-based carbon trading, or direct sale of green forest products.

Costs and benefits not withstanding, the study concludes that low –carbon economy represents an enormous opportunity and one in which several nations and businesses are moving fast to capitalize, even as fears and uncertainty surrounding carbon trading, whether in regulatory or voluntary markets are being addressed. But these mechanisms must be deployed within the context of good governance, best practices and a well developed monitoring framework.