Although the commercial value of biological diversity in Nigeria exceeds the cost of conservation measures by more than $3 billion at 1993 values ($3.75 billion versus $0.37b), biodiversity conservation has not been recognized as feasible investment in Nigeria’s economic development and consequently natural resources valuation has not been fully incorporated into the national economic planning. It has been estimated that the ratio of conservation costs to Nigeria was about 3.8 % of GDP while the aggregate contribution of biodiversity to the GDP was about 46% in 2001. In 1990, it was estimated that the monetary value of other benefits realized from conservation was put at well over $6 billion. With the increase in bio prospecting and bio-discovery activities in Nigeria and the growth in biotechnology related industries that utilize indigenous genetic materials as feedstock, the 2002 estimate for the benefits of biodiversity to Nigeria is over $8 billion per annum. The strategic plan therefore provides for a significant increase in the national expenditure on biodiversity conservation in order to ensure the continuous availability of these resources.

 

Finally, the Action Plan makes concrete provisions for a programme of research, extension and education that will enhance sustainable development of Nigeria’s biodiversity, using a combination of policy reforms, new legal instruments, institutional collaboration and a responsive financial mechanism targeted at areas of greatest need. It has also established a framework for continuous assessment and monitoring of biodiversity and a system of measurement of the stated targets.