Gas Flaring: Nigeria Loses Over $2bn Annually

Nigeria presently suffers a loss of over $2billion annually as a result of gas flaring in the country.

This figure was revealed recently at a forum on the Nigeria and gas sector, organised by the Rivers State University of Science and Technology, Nkpolu, in conjunction with other stakeholders in the industry.

Speaking at the event, which was held at the amphi-theatre of the university, a former top official of the Nigerian National Petroleum Corporation (NNPC), Fabyan Amakiri, lamented the fact that Nigeria losses such huge amount to gas flaring rather than gaining from its vast gas reserves.

Amakiri said the problem of gas flaring was global and  has posed serious threat to the environment, but expressed hope that it was receiving international concern and attention.

Despite the deadline issued by the United Nations to nations to stop gas flaring across the world, she regretted that Nigeria is yet to comply with the deadline as gas is still being flared in the country, with attendant damage to the environment.

She called on stakeholders in the oil and gas industry and the government to take drastic steps and action to resolve the problem of gas flaring in the country.

Amakiri pointed out that rather than waste the gas through flaring, efforts should be made to conserve it for other benefits tonation’s economic development.

In his remarks, the Vice Chancellor of the University Science and Technology, Prof Barineme Fakae, stressed the need to bring a permanent solution to the problems of gas flaring in Nigeria.

He said Nigeria was a major oil and gas producer in the world and can not afford to loose its enormous resources to gas flaring and environmental degradation, and urged that something should be done to address the issue.

He assured that RSUST as the premier university of science and technology will continue to be committed to research aimed at addressing serious environmental issues such as gas flaring.

He also appealed to major operators in the oil and gas industry to always be responsive to issues of environmental challenges, as the environment was man’s first right.

The event was attended by captains of industry, government officials, stakeholders, and experts in the oil and gas industry.   

Beemene Taneh