What do you mean by Natural Resource Management (NRM)? Discuss the role of formal institutions in the management of NRM.

Natural Resource Management (NRM) refers to the sustainable utilization and conservation of natural resources such as land, water, air, minerals, forests, fisheries, and wildlife. It is a multidisciplinary approach that aims to balance the exploitation of natural resources with their preservation for future generations. NRM involves the management of both renewable and non-renewable resources, taking into account ecological, economic, and social factors.

The role of formal institutions in the management of NRM is crucial as they establish the legal and regulatory frameworks, policies, and governance structures that guide and govern the use and conservation of natural resources. Formal institutions include government agencies, laws, regulations, international agreements, and organizations at various levels (local, regional, national, and international).

1. Legal and Regulatory Frameworks:
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