By Ify Onyekwere
Igwebuike Ijeoma, a Board Member at Climate Strategies Think Tank, London, was a guest on The Development Report show where he discussed the importance of catalyzing green entrepreneurship in Nigeria. He explained that green entrepreneurship, what he calls “enviropreneurship,” is the effort by entrepreneurs to save and conserve the environment. According to him, the unchecked capitalist practices of the past years have led to biodiversity loss, climate change, and global warming. He emphasized that people are beginning to see the interconnectedness between the environment, economy, livelihoods, and health. Ijeoma stressed that without a sustainable natural environment, we are jeopardizing our economic future, health, and overall well-being.
He pointed out that businesses should not only focus on profitability but also adopt the triple bottom line approach, which incorporates profit, people, and the planet. Business owners, he said, must question how their enterprises impact the environment and society alongside financial gains. In his view, while profitability has always been the primary goal, what has been missing is the awareness and knowledge of the impact businesses have on the planet and people.
The Green Entrepreneurship expert also spoke about the role of awareness in driving green entrepreneurship, noting that businesses and individuals must stay informed about environmental trends. He highlighted the need for government intervention through policies that create incentives for sustainability. Citing Nigeria’s deforestation crisis, he argued that current policies, such as allowing tree cutting for paper production instead of encouraging recycling, are counterproductive. He called for policy reforms that support recycling and sustainable procurement practices.
Touching on the removal of fuel subsidies in Nigeria, the Green Entrepreneurship expert warned that this could increase deforestation as families resort to using firewood due to the high cost of fuel. Instead of subsidy removal, he advocates for “subsidy transition,” which would gradually shift subsidies towards greener alternatives. He also discussed the importance of marketing in transitioning towards green business practices, noting that businesses need to effectively communicate the benefits of sustainability alongside the functional aspects of their products.
In addressing the potential for green entrepreneurship in Nigeria, Mr Ijeoma noted that eco-friendly businesses help stabilize the climate by reducing pollution and water contamination. By adopting greener practices, businesses in Nigeria can contribute to the country’s National Determined Contributions (NDCs) targets, which aim to address environmental issues across key sectors like water, transportation, energy, agriculture, and industry.
The Enviropreneur rounded off as he pointed out the massive investment opportunities in the green sector, citing a significant increase in global investment flows into green industries. He highlighted that the sector, which has seen investments rise from $600 billion to $1.3 trillion between 2018 and 2023, offers enormous potential for businesses involved in sustainable waste management, water management, green building, and transportation. He concluded by advising enviropreneurs to stay informed about climate change and environmental issues, join relevant associations, engage with governments and the international community, and actively participate in efforts to build a more sustainable future.
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