Impact Of Oil Exploitation On Sustainable Development And Green Economy In Nigeria: The Niger Delta Case

Abstract

Nigeria depends on oil revenue for 95% of national income and foreign exchange earnings. The source of this wealth is the Niger Delta region of the country. The Nigerian government, oil corporations, and oil-dependent Western countries are not implementing reforms aimed at aiding a desperately under-developed area and remediating the unsustainable environmental degradation and green economy depletion that petroleum extraction and exploitation has wrought. A green economy is an economy or economic development model based on sustainable development, it results in improved human well-being and social equity, while significantly
reducing environmental risks and ecological scarcities. Nigeria's envisioned green economy is summed up in the Vision 2020 Initiative but 2020 is about 8 years from now and no proper foundation has been laid for this vision in terms of green economy sustainability. Oil exploitation activities in the Niger Delta has caused the depletion of the green economy through oil spills, air pollution, gas flaring, anthropogenic climate change, water pollution and mental pollution. However, efforts can be made to save the green economy through replacing fossil fuels with new biofuels, development of new oil exploration technologies, eliminating subsidies to the oil industry, imposition of taxes on environment polluters and development of alternative sources of power/energy supply. Furthermore, international sources of financing clean technology should be sought to compliment the national efforts, legal framework for punishing offenders of the green economy should be put in place in addition to refocusing policies and investments to target sectors and areas including renewable energy, agriculture, forestry, tourism and enhanced ecosystem services.