Nigeria is one of the top gas-flared countries in the world and needs to plant 7.5 million hectares of trees to reduce it

image of gas flaring used to illustrate the story (The Huffington Post)
  • PwC estimates that the Nigerian economy lost $761.6 million to gas flaring in 2018.
  • The PwC latest report examines the impact of gas flaring on Nigeria’s economy put the monetary economic value of natural gas flared in 2018 to $2.73 billion.
  • According to the report, to reduce gas flaring in Nigeria, the country will need to plant 7.5 million hectares of trees.

Nigerian economy lost $761.6 million (N233 billion) to gas flaring, translating to 3.8% of the global total cost in 2018, according to PricewaterhouseCoopers (PwC).

In terms of volume of gas flared, the West African country still ranks in the top 10 gas-flaring countries in the world. Per World Bank data, gas flaring accounts for $20 billion of the global economy in 2018.

The latest PwC publication titled, ‘Assessing the impact of Gas flaring on the Nigerian Economy’, showed that despite the reduction in the percentage of gas flared in Nigeria, the volume remains among the highest in the world.

The publication, which is the first of a three-part series on the Nigerian Gas sector, highlighted the industry issues and challenges as well as assess the opportunities across the value chain in addition to providing an outlook for the sector.

With about 300 major gas flare locations in Nigeria, it poses a serious environmental and health threat. The International Energy Agency (IEA) believes that this phenomenon will steadily drop to zero-level by 2030 due to individual and joint government commitments via regulatory pledges to the cause.

According to the publication, total gas flared in Nigeria accounted for 6.9% of the top 10 gas-flared countries in 2018.

To reduce gas flaring, Nigeria will need to plant 7.5 million hectares of trees. It will absorb 638 million cubic tons of carbon from gas glaring and other sources of carbon emission. This will amount to $94 million (N28.76 billion) annually, the publication said.

Analysis by PwC Nigeria showed that the monetary economic value addition that could have been recovered from derivatives of natural gas flared in 2018 totaled $2.73 billion.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

8 African countries where Rihanna plans to launch her luxury Fenty Beauty products

8 African countries where Rihanna plans to launch her luxury Fenty Beauty products

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Here are the top 10 cities in Africa where the most rich people live

Here are the top 10 cities in Africa where the most rich people live

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Haiwezi, my wife is prettier - Omanyala turns down Huddah’s advances

Haiwezi, my wife is prettier - Omanyala turns down Huddah’s advances

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match