GREEN FINANCING AND POLICY SUPPORT FOR SUSTAINABLE TOURISM INITIATIVES IN NIGERIA

Abstract

Sustainable tourism plays a vital role in addressing pressing global challenges such as climate change, 
biodiversity loss, and economic instability. This paper explores the importance of green financing and 
supportive policies in fostering sustainable tourism initiatives. It highlights mechanisms like green bonds, 
biodiversity-focused investments, and policy incentives that are instrumental in minimising the ecological 
footprint of tourism while simultaneously generating economic advantages. The research identifies key 
challenges faced by the sector, including limited access to financing, inconsistencies in regulatory 
frameworks, and gaps in technical expertise. The paper proposes strategic solutions to address these issues 
that foster collaboration among various stakeholders, including governments, financial institutions, and 
local communities. The study focuses on how financial strategies can turn tourism obstacles into 
opportunities for environmental and social advancement. It emphasises the need for eco-friendly tourism 
practices that not only yield profits but also deliver social benefits. By assessing funding mechanisms and 
policy frameworks that engage diverse stakeholders, the research aims to promote authentic sustainability. 
The investigation reveals that innovative financing and supportive policies can enhance sustainable 
development initiatives by addressing both environmental and social dimensions. However, it also 
underscores challenges such as policy fragmentation and the risk of "greenwashing." The paper advocates 
for synchronised global policies and active local engagement to overcome these hurdles. Ultimately, it 
suggests actionable recommendations for enhancing green financing and adaptive policies that facilitate 
collaboration among all parties involved. This cohesive approach aims to transition the tourism sector from 
merely sustainable to regenerative, fostering ecosystem vitality and community development. The proposed 
model is adaptable across various industries striving for economic growth alongside environmental 
sustainability.