Evaluation and use of existing economic valuation methodologies in the management of Lake Victoria’s water resources

Lake Victoria is the second-largest freshwater lake in the world, with an eco-system critical to 25-30 million inhabitants of Kenya, Uganda, Tanzania, Rwanda, and Burundi who live in the lake basin. The lake provides several ecosystem services from inland waterway transport, fisheries to hydropower and supports many different industries such as tourism, trade, and wildlife. However, Lake Victoria’s ecosystem management has been highly extractive; hence its water resources are either inefficiently or overused. This is because the value of this resource is either unknown or underestimated. The main purpose of the research was to contribute to Lake Victoria’s conservation efforts by providing the best techniques that can be used to assess the value of this resource and develop appropriate policies for the sustainable management of the lake. The study reviewed relevant literature on the economic assessment methods of environmental resources in the context of water management. Search engines such as Google Scholar, Web of Science, and ScienceDirect were used for it. The study suggests methods for economic valuation of Lake Victoria water ecosystem for each service. The proposed techniques can be used for assessing the value and benefits of conservation and restoration of Lake Victoria ecosystem.