Concerned about the challenges faced by nations in the world to deliver economic growth that would lead to the protection of the environment, a Professor of Ecosystem Services and Biodiversity has recommended the use of emerging innovative technologies to address it.

Delivering the 75th Inaugural Lecture at the Rivers State University, Port Harcourt,recently,  Prof John Onwuteaka, who spoke on the theme, “Bioeconomic Value of Biological Capital and Opportunities for Sustainable growth”, noted that bioeconomy revolution is the trend across the globe and Nigeria cannot be left out.

He observed that there is an opportunity for businesses operating in the nation to develop and harness new processes which at the long run can be exported as solutions to the global market.

“By recognizing those opportunities, Nigeria and Niger Delta academic and businesses can compete and grow in this global context. This means building an infrastructure that connects the innovation ecosystem to enable effective exploration and exploitation”, he said.

He further said that the Bioeconomy transition process should develop a policy brief whose goal should be to increase the understanding of the opportunities and challenges for bioeconomy development.

According to Onwuteaka, who is a Fellow of the Nigerian Environmental Society, the transition process would include cross cutting issues that address import and export tariffs and separation of raw materials that have closed looped value networks from those with global usage.

He also stated that a massive upskilling and skilling along the value chain in all the relevant areas would be necessary in the transition process.

Defining the term, “Biological Capital”,Onwuteaka stated that it is life and the conditions that promote life, adding that it was what allows the ecological processes, water cycle, nutrients cycle and energy flow to function properly.

On the aspect of capital, the lecturer noted that it means wealth in the form of money or other assets owned by a person or organisation.

He explained that in economics, capital consists of human created assets that can enhance one’s power to perform economically useful work.

In his remarks, the Vice Chancellor of the university, Prof. NlerumOkogbule commended Onwuteaka for his well-researched lecture, stating that inaugural lectures would continue to play an important role in the university.