ABUJA – Nigeria is on a dangerous path, potentially losing a staggering N3.43 trillion over the next five years if the widespread practice of gas flaring isn’t reined in. This stark warning comes from the Nigeria Extractive Industries Transparency Initiative (NEITI), highlighting a massive gas flaring loss. The scale of the problem is already clear: in 2023 alone, the nation burned off 183.408 billion standard cubic feet (SCF) of gas. That’s valuable energy worth an estimated $458.52 million (or N685.95 billion) gone up in smoke.
Dr. Orji Ogbonnaya Orji, NEITI’s Executive Secretary, didn’t mince words about the gravity of the situation. “Methane action is climate action, economic action, and social justice. Nigeria’s climate commitments will remain hollow without concrete action on methane reduction,” Dr. Orji declared. His statement underscores the severe and multifaceted impact of the ongoing Nigeria gas flaring loss.
NEITI’s New Blueprint to Tackle Nigeria Gas Flaring Loss
To combat these colossal losses and get Nigeria back on track with its climate promises, NEITI is advocating for a robust set of measures. Their plan includes:
- Mandatory tracking of greenhouse gases: Knowing exactly what’s being emitted.
- Independent oversight of oil company divestments: Ensuring transparency when assets change hands.
- Close monitoring of host community development trusts: Making sure benefits reach the people.
Dr. Orji also unveiled a significant shift in NEITI’s own operations. “Going forward, NEITI will not publish any extractive industry report without climate and emissions data. This is a new standard and a non-negotiable requirement,” he announced. Furthermore, NEITI intends to publish annual methane scorecards and champion a system of penalties and incentives directly linked to how well companies perform on emissions. This multi-pronged approach is designed to directly tackle the costly Nigeria gas flaring loss.
By Kayode Ojo
