An Examination of the Strengths and Weaknesses of Environmental Valuation Methodologies in Nigeria
Journal Title: IOSR Journal of Environmental Science, Toxicology and Food Technology (IOSR-JESTFT) - Year 2018, Vol 12, Issue 9
Abstract
This paper tries to examine the strengths and weaknesses of Environmental Valuation Models used in Nigeria in order to equip valuers in Nigeria with the requisite tools that should be employed while carrying out their valuation functions. The major models considered are the Contingent Valuation Model (CVM), the Hedonic Price Method (HPM) and the Travel Cost Model (TCM). The paper adopted the Descriptive Research Methodology and data was collected mainly from secondary sources, especially documents of Federal Ministry of Environment and National Environmental Standards and Regulations Enforcement Agency (NESREA) of Nigeria. The strengths and weaknesses of the HPM, CVM and TCM models including their general principles were discussed in details. It was recommended amongst other things that the models should be adapted by all professional bodies associated with valuation of environmental goods and services in Nigeria; that the models should be taught in all departments in tertiary institutions in Nigeria that are involved in valuation of environmental goods and services and that further research should be carried out to find out how these models could be adapted to local challenges.
Authors and Affiliations
Aniagolu Celestine Obinna (Phd)1 ,, Iyi Edmond Amuezuoke (Phd)2 ,, Ugwuanyi Benneth Chijioke3
Keywords
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