Nigeria, others losing $82 billion from gas flaring yearly

By flaring, rather than utilising gas for power generation or other domestic needs, Nigeria and other nations involved in such act , could lose up to $82bn a year due to global gas flaring, says GlobalData report.

The report identified biggest gas flarers, accounting for over 87 per cent of all flared gas in 2020, to include Nigeria, Algeria, Angola, Indonesia, Iran, Iraq, Libya, Malaysia, Mexico, Russia, the US and Venezuela.

Though the Federal Government had pledged to end the burning of gas as a by-product of oil production by 2030, under its latest climate plan submitted to the United Nations, independent sources state that Nigeria flared an average of 11.1m3/bbl of gas last year.