Advancing Eco-Entrepreneurship in Nigeria through Transformative Implementation of Sustainable Business Model Innovations

Abstract

This article examines how green and sustainable business innovation can be
harnessed to advance a just and inclusive decarbonization and energy
transition in Nigeria. As the world strives to transition to net zero by 2050
or earlier, the need for business operations to transition from traditional
models of operations driven by economic value to a sustainable approach of
environmental and social values has become more pressing. As a resource—
based economy, Nigeria has made pledges and plans in line with international
frameworks to transition and grow renewable energy resources. Yet, lack of
clear operational guidelines on effective business strategies needed to
effectively advance eco-entrepreneurship remains a key challenge. Ecoentrepreneurship and eco-ventures such as small-medium scale eco-enterprise
and energy citizens who generate eco-solutions, innovations, services and
products in renewable energy plays a vital role in economy decarbonization
strategies. While several studies have highlighted how external factors such as
weak or unsupportive governance and policy landscape may hinder
successful implementation of eco-entrepreneurial activities, what has
remained absent is a holistic evaluation of how lack of internal capacity of
eco-ventures themselves can hinder the successful design and implementation
of transformative and sustainable business model that are able to capture
business opportunities, address risks and make impactful contributions to
global sustainability objectives. This article fills a gap in this regard. Drawing
lessons from surveyed Nigerian eco-entrepreneurs, this article examines
internal governance gaps that hinder sustainable business innovation, such as
incompatibility of business aims and models; limited internal capacity on
ESG; unsustainable procurement practices and resource constraints are
examined in order to identify the ways in which integrative sustainable
business model innovation can help close these gaps.