The World Bank and University of Nigeria, Nsukka UNN are set to support the Federal Government to develop Natural Capital Accounting (NCA) in the country, a university official said.

Dr Nnaemeka Chukwuone, the Director Resources and Environmental Policy Research Centre (REPRC), UNN disclosed this in an interview in Abuja, Nigeria’s seat of Power.

Chukwuone explained that the essence of the NCA was to enable processing the calculation of the total stocks and flows of natural resources and services in a given ecosystem or region.

He said that the natural capital includes all of the resources that could easily recognise and measure, such as minerals, energy, timber, agricultural land, fisheries and water.

He said that it also included the ecosystem services that were often “invisible” to most people, which include air and water filtration, flood protection, carbon storage, pollination of crops, and habitats for wildlife.

According to him, what we are doing is to support Nigeria to see what can be done to advance the NCA which will as well help reduce carbon emission.

“The REPRC is collaborating with the Federal Ministry of Environment and the World Bank is committed to support the government.

“The support will help to advance the initiative and enable us develop what we refer to as a road map which will advance natural property accounting in Nigeria.

“The effort will help to implement the initiative effectively.

“The value of the resources are not readily captured in markets, so we don’t really know how much they contribute to the economy. We often take these services for granted and don’t know what it will cost if we lose them.

“Accounting for natural capital following the System of National Accounts (SNA) was accepted globally, the Gross Domestic Product (GDP) does not tell the whole story of the status of a country’s economy.

“This is because the stock of capital, degradation of natural resources which provide many benefits and ecosystem services are not generally accounted for in the GDP.

“However, in spite of the global acceptance, natural capital is not fully accounted for in Nigeria’s national accounts and policy decisions.

“They are neither captured in the financial calculation of Nigeria’s wealth nor explicitly considered assets in national planning with the risk that natural capital is degraded over time, resulting in the loss of benefits to the economy,’’ he said.

Chukwuone said that the objective of the REPRC was to undertake research in environment, agriculture, natural resources, climate and sustainable development themes to facilitate evidence-based policy making, targeting poverty reduction and sustainable development.

He said that the centre had trained some stakeholders on the NCA, adding that the training would help to create an expert group that would facilitate the development of different accounts for Nigeria.

The United Nations Educational, Scientific and Cultural Organisation (UNESCO) has pledged its readiness to support the Cross River National Park for effective protection and preservation of its biodiversity.

The UNESCO also pledged to empower residents of the host communities with a view to prevent illegal logging ongoing around the park.

Mrs Audrey Azoulay, the Director-General of UNESCO, gave the assurance on Sunday, September 12, 2021 when she visited the park in Akamkpa, Cross River State.

Azoulay, who took a walk round the park with other officials, said she was on a working visit to the park as part of the National Biosphere meeting scheduled to hold in Abuja on Sept. 13, 2021.

She said that the visit was to also ascertain the fight against climate change and to protect the biodiversity in the park.

She noted that committed action needs to be taken to support the host communities of the park.

“We are in Nigeria to provide solution for a greener economy for the communities, for better knowledge of the ecosystem, protection of nature and empowerment of the local communities.

“I see it as very important to meet here today with the community members for the protection of this large reserve.

“UNESCO is standing with Nigeria to protect its biodiversity through an increase of the network of the biosphere reserve.

“We have started discussions with the local communities with a view to find a replacement for the illegal activities ongoing in the park,” she said.

The Minister of State for Environment, Mrs Sharon Ikeazor, said that the ministry was also collaborating with the local communities to protect the biodiversity.

Also, the Commissioner for International Development Cooperation in Cross River, Dr Inyang Asibong, said that the state government places premium on the protection of the biodiversity, hence their sustained collaboration with the management of the park.

Similarly, the Commissioner for Environment in Cross River, Mr Mfon Bassey, noted that the ministry was committed to the protection and preservation of the reserve area.

The Controller of Cross River National Park, Mr Zanna Lawal, said that the Park is surrounded by 105 communities in Oban, Akamkpa Local Government Area of the state.

Lawal said that the Park enjoys a smooth working relationship with members of the host communities in the preservation and protection of the forest.

Also speaking, Mr Victor Asuquo, the youth leader of the host communities, appealed to UNESCO and the Federal Government to provide alternative sources of livelihood for poachers, hunters, and timber loggers/dealers.

Asuquo also called for employment for the teeming youths of the host communities and entrepreneurial training that would make them self-reliant.