……Emphasizes Critical Role of Environment in Human Life.
Professor of Estate Management in the University of Lagos UNILAG, Austin Chike Otegbulu has emphasized the critical role of the environment in human life, especially for rural communities who rely on natural resources for their livelihood. He also highlighted the forest’s wealth in non-timber products such as food, cosmetics, herbs, and aromatic substances.
Professor Otegbulu, who made this emphasis while delivering the 22nd Inaugural Lecture in the 2023/2024 Academic Session at the J.F. Ade. Ajayi Auditorium, UNILAG, Akoka, with the title; ”The Mysteries Of Bermuda Triangle And Environmental Valuation: The Missing Gap In Policy Decisions”.
He pointed out a significant issue saying, many benefits and costs associated with changes in both natural and man-made environments are not priced in the market like land, buildings, cars, and economic trees. As a result, these environmental assets are often undervalued, degraded, and used wastefully, leading to a substantial gap in environmental policy decisions.
The Estate Management expert elaborated on the importance of understanding the concept of Total Economic Value and Environmental Valuation Techniques, which can help properly assess changes in environmental assets and guide effective policy decisions.
He also illustrated this with examples from the Delta region, where communities have protested against environmental devastation due to industrial activities and have received inadequate compensation because of improper valuation and a failure to consider the total economic value of their resources.
The Professor demonstrated the use of environmental valuation techniques for utility pricing, including setting tariffs and toll roads. He also showed how these techniques can inform policy decisions related to infrastructure provision based on consumer demand preferences.
He emphasized that aligning infrastructure with user demand can result in high and sustainable willingness to pay for services, while demystifying the non-market value in ecosystems using these valuation techniques, contrasting this with the enduring mystery of the Bermuda Triangle.