Don canvasses non-market valuation strategy for projects

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Austin Otegbulu News

Non-Market Valuation

A Professor of Estate Management, Austin Otegbulu, has tasked policymakers to deploy a non-market valuation strategy in deciding the more appropriate project for society through studies on user-demand preferences.

This, according to him, will be a panacea to white elephant projects and in addition, enhance the sustainability of developmental projects in the country.

He, however, observed that the conventional valuation methods, which are market-driven, are incapable of capturing market values about air and water quality, forest conservation/degradation, value of life, infrastructure quality and pricing, overfishing and damage to health and visual amenity due to gas flaring.

“Economic valuation of the environment illustrates the damage done to the society through resource depletion and pollution in addition to environmental benefits; integrate the unpriced but variable functions of the natural ecosystem into policy decisions,” Otegbulu said. He added: “I have shown the challenges experienced by professional valuers in attempting to value non-market goods and services like air and water quality, human life, environmental degradation, and wetland degradation.

Former General Secretary of Arewa Consultative Forum , Anthony Sani, has blamed the Federal Government for the poor management of the ongoing protest against hardship and bad governance in the country.

 

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