QUANTIFYING THE ECONOMIC VALUE OF ENVIRONMENTAL SAFETY PROGRAMS IN NIGERIA: THE CONTINGENT VALUATION APPROACH (CVA)

Abstract

In Nigeria, the severe problems of environmental deterioration, pollution, and climate change jeopardize economic sustenance. These factors have dire consequences on public health, agricultural production, and life standards. Hence, investments in environmental safety programs like waste management, adoption of renewable energy, and pollution control can improve economic sustainability. The aim of this study is to analyze the effect of environmental safety programs on economic welfare in Nigeria using contingent valuation approach (CVA). The study assesses individuals’ willingness to pay (WTP) for different environmental initiatives, considering income level, educational qualifications, and awareness of environmental issues, to ascertain the sustainability efforts’ economic value. The research demonstrated that the willingness to pay (WTP), income level, education, and awareness significantly enhances the economic welfare of Nigerians. Since WTP, awareness, income, and education strongly support the economic welfare of the society, we recommend that governments, non-governmental organizations, and educational institutions channel their efforts toward campaigns focused on the economically constructive prospects of environmental sustainability. This can be done via school-based educations, digital media, community workshops, and public media campaigns. When people are empowered with the right information, they are more likely to appreciate the economic value of sustainable investments, including lower healthcare expenditures, better quality of life, and enduring economic health.