The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed concern over the volume of gas flared in 2023, amounting to 183.408 billion standard cubic feet (SCF).
The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, stated this at a high-level policy dialogue in Abuja. He also said the lost gas had an estimated economic value of $458.52 million or N685.95 billion.
Orji emphasised that such losses, if sustained, could amount to over $2.29 billion or N3.43 trillion in five years, and were funds that could support education, health, infrastructure and climate resilience for host communities.
He also called for a clear policy declaration that must institutionalise a methane governance regime that is robust, enforceable, transparent and aligned with international best practices as the era of business-as-usual in methane emissions management is over.
The executive secretary explained that methane is over 80 times more potent than carbon dioxide in its impact on global warming, saying, “Nigeria cannot claim seriousness on climate commitments if we ignore the silent crisis of methane pollution across our extractive industries.
