Nigeria Faces $1.5 Billion Loss from Gas Flaring in 2024

Nigeria is expected to incur an estimated loss of $1.5 billion in 2024 due to gas flaring, which involves the burning of excess natural gas during oil extraction. This practice has resulted in Nigeria ranking seventh globally for economic loss from gas flaring, with approximately 5.3 billion cubic meters of gas flared.

The German ambassador to Nigeria, Annett Günther, has proposed a new partnership to tackle this issue, aiming to find efficient ways to utilize flared gas, reduce emissions, and potentially generate hydrogen. Despite gas flaring being against Nigerian law, oil companies continue this practice, which has severe environmental and health impacts, including contributing to diseases such as cancer and asthma in local communities.

The Nigerian government has struggled to enforce regulations against gas flaring since the first deadline set in 1969. The Nigerian Gas Flare Commercialization Programme (NGFCP) was approved in December 2016 but has yet to achieve its goals.

Nigeria is also a signatory to the Global Gas Flaring Reduction Partnership (GGFR), committing to reduce gas flaring by 2030.