Check out how much Nigeria l ost to Gas flaring in 2014

Check out how much Nigeria l

ost to Gas flaring in 2014

Nigeria is said to have lost over N225 billion ($1b) to gas flaring in 2014 alone, while about 295 billion standard cubic feet of natural gas was flared in nine months.

According to the Lead Director, Centre for Social Justice (CSJ), Eze Onyekepere, the volume of gas flared in the country could fuel about 7,000 mega watts of efficient thermal electricity power.

Onyekepere told journalists in Abuja today during a media presentation on issues in implementing the Nigerian Gas Master Plan (NGMP) that Nigeria is rich in energy resources yet poor in energy supply.

He said: "In 2014, Nigeria lost about $1 billion as oil companies operating in the country flared a large proportion of the gas produced from January to September 2014. Nigeria flares about 1.2 billion cubic feet (bcf/d) of gas per day, which could fuel about 7000mw of efficient thermal electricity power, over 1,400 agro-processing facilities, 350 textile plants and 70 fertilizer plants with opportunities for creating over one million jobs".

Quoting the Nigerian National Petroleum Corporation (NNPC), Onyekepere added: "About 295 billion standard cubic feet of natural gas was flared in the nine-month period."

He also said that the failure of the 7th National Assembly to pass the Petroleum Industry Bill (PIB) has robbed the nation a huge sum of revenue.

Onyekepere stressed that the country seems to lack a comprehensive implementable energy policy.

CSJ therefore recommended that President Muhammadu Buhari should dust the bill and represent to the National Assembly for quick action.

Besides, CSJ advised that the PIB be splitted into four parts because of the bulky nature of the bill, with the part dealing with gas isolated and immediately passed into law.

Onyekepere also said Nigerians should be encouraged to participate in funding of the gas master plan which is to the tune of $25 billion.

While noting that the country's inability to end gas flaring in the past was due to lack of political will, CSJ Lead director said the government with the industry stakeholders should fix a definite time frame to end flaring of associated gas and fully implement the gas re-injection Act, with the new rules carrying stiff sanctions for defaulters.