Green Economy Governance in Nigeria: Components and Policies/Strategies in Perspective

The relevance of green economy to the attainment of the Sustainable Development Goals (SDGs) especially in developing economies, underscore the necessity of effective governance to drive the green economy transition process. Thus, the study examined the components of green economy governance and the key policies/strategies governing green economy in Nigeria. The method adopted in the study was qualitative and content analysis approach involving desktop review of materials from secondary sources such as journals, publications of the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS), Green Climate Fund, World Bank, among others. The study revealed that policy and regulatory framework and institutional arrangements are among key components of green economy governance in Nigeria. Among the key policies/strategies governing green economy in Nigeria are: Climate Change Act, 2021 and National Policy on Climate Change, 2021. Overlap and poor enforcement, poor coordination and underfunding, high level of corruption, weak monitoring and high cost of green economy projects were among the major challenges identified. It was recommended among other measures that there is need to improve on the quality of green economy policies and strategies, strengthening environmental institutions and promoting credibility in terms of government commitment towards implementation of such policies.