Economic Valuation of Biodiversity in Nigeria

As difficult and controversial as value-based research is, it is the only objective source of information that policy makers have about values and only way to discourage wasteful environmental investments. The main problem therefore is the reliability of the value estimates used in prioritizing policies. This book examines the valuation process and the feasibility of applying the Market Price and Productivity methods in Nigeria; their theoretical bases were examined to clarify their premises, rationales and conditions under which they would be valid. The book concluded that the methods proved to be applicable in the study area but needs to be improved upon, to make the value estimates credible and reliable in developing economies. Recommendations were made for the discounting of economic loss and benefits to reflect time value of money and for environmental laws to be enforced for the methods to be more effective. This book will guide policy makers on crucial decisions on environmental programs, policies and actions that protect or restore ecosystems and their services. The book will also encourage professional valuers and appraisers to be more involved in ecosystem valuation.