AN ASSESSMENT OF THE LEGAL INCENTIVES FOR THE PROMOTION OF RENEWABLE RESOURCES AND GREEN ECONOMY IN NIGERIA

Abstract

Arenewable resource is a natural resource with the capacity to replenish itself and does less harm to the environment and human health. Such resources constitute an alternative to non-renewable resources which are limited in nature and lack the capability to ensure regular resource supply base to drive economies. The concern for this shortcoming inherent in non-renewable resources has necessitated the need to find a viable option in renewable resources to guarantee a reliable, constant and sustainable resource supply to drive economies, protect the environment and human health. Nigeria, like many other countries in the world, has enacted laws to incentivise the country's renewable resources for the green growth of her economy. This article examines the legal framework and government regulations in place with a target to incentivize renewable resources for green economic growth in Nigeria. The paper adopts doctrinal research approach. It found that there are insufficient provisions with regard to incentivising renewable resources in the extant laws in Nigeria and offers recommendations for expansion of the existing laws and/or a comprehensive new law autonomous and dedicated to incentivising renewable resources to achieve Nigeria's green economic mission.