Korede Abdullah in Lagos
The Nigeria Extractive Industries Transparency Initiative (NEITI) has warned that Nigeria stands to lose over N3.43 trillion in five years due to gas flaring. According to NEITI’s Executive Secretary, Orji Ogbonnaya Orji, “Nigeria’s climate commitments will remain hollow without concrete action on methane reduction.
Methane action is climate action, economic action, and social justice.” In 2023, Nigeria flared 183.408 billion standard cubic feet (SCF) of gas, valued at $458.52 million or N685.95 billion.
Orji emphasized the need for a robust methane governance regime, calling for mandatory tracking of greenhouse gas emissions, independent oversight of oil company divestments, and monitoring of host community development trusts.
NEITI has committed to integrating methane tracking in audits, publishing annual methane emissions scorecards, and advocating for penalties and incentives linked to emissions performance.
Stakeholders, including the National Assembly and regulators, have been urged to strengthen enforcement provisions and ensure transparent issuance of permits.
NEITI’s Executive Secretary noted that “Going forward, NEITI will not publish any extractive industry report without climate and emissions data.
This is a new standard and a non-negotiable requirement.” The House Committee on Gas Resources has assured commitment to working with stakeholders to establish a coherent and enforceable framework for transparency and accountability.
