FOSTERING ENVIRONMENTAL SUSTAINABILITY IN NIGERIA VIA THE GREEN BUSINESS INITIATIVE
Keywords:Environmental sustainability, Green business initiative, Ecopreneurship
The environment is a natural physical resource that is needed for effective and efficient functioning of life. It includes but is not limited to air, water, land, energy, minerals, plants and animals. On a daily basis, the interaction between humans and the environment is ineluctable in performing different kinds of economic and business activities. This in most cases, leads to changes in the chemistry and quality of an environment that could result in environmental degradation as well as depletion of natural resources. In order to address this phenomenon, concerted efforts of various stakeholders on environmental sustainability across the globe led to the Green Business Initiative (GBI). This initiative involves greening of existing business enterprises and the creation of new green start-ups, which are globally acknowledged and embraced for environmental sustainability. However, its implementation in developing countries, especially Nigeria, is not as noticeable and popular as in developed nations. To this end, it is imperative to understand the rudiments of green businesses as a pathway to environmental sustainability in Nigeria. Thus, this study provides in-depth information on the essential elements of green businesses that could be explored to foster environmental sustainability in Nigeria. This is a qualitative research that involves the review of extant literature on environmental sustainability and the green business initiative. The factors identified in this study to promote GBI in the country include eco-innovation and the green business model. The study recommends mechanisms that could be adopted in policy formulation to promote GBI in Nigeria.