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The Nigerian Oil Spill Detection and Response Agency (NOSDRA) has stated that Nigeria from 2011 to 2021 recorded loss of over $22.9 billion to gas flaring.
Adeshida, who underscored the need for proper monitisation of gas flaring in Nigeria said, the Country flared more than 4.2 billion standard cubic feet of gas leading to the Country’s loss of more than $14.6 billion from 2012 to 2021.
“This is in addition to $8.3 billion loss in penalty for the wastage totalling $22.9 billion dollars loss within the same period.”
Also speaking, Babajide Fashino, the Director of Economic Regulation and Strategic planning of NUPRC, said that Nigeria is at the fore front of managing gas flaring in line with global best practices for economic growth and sustainability.
According to Fashino, the government has introduced metering system and callibration of the meters for accurate records of gas management. “The introduction of such technologies has gone a long way in reducing gas flaring in Nigeria from 40 percent to not more than 7 percent.”
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Original post from News Archives – Businessday NG.