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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, citing the need for a robust methane governance regime.
According to Orji Ogbonnaya Orji, NEITI’s Executive Secretary, “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. If sustained, this could amount to over $2.29 billion or N3.43 trillion in five years”.
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The Executive Secretary, however, called for mandatory tracking of greenhouse gas emissions, independent oversight of oil company divestments, monitoring of host community development trusts and alignment of audit cycles with Nigeria’s nationally-determined contributions.
He said the initiative had also committed to integrating methane tracking in audits, publishing annual methane emissions scorecards and advocating for penalties and incentives linked to emissions performance
Consequently, stakeholders, including the National Assembly and regulators, have been urged to strengthen enforcement provisions and ensure transparent issuance of permits.
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“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”, Orji noted.
Aluko Ahmed Yinka, representing the Chairman, House Committee on Gas Resources, assured commitment to working with stakeholders to establish a coherent and enforceable framework for transparency and accountability.
The Natural Resource Governance Institute (NRGI) and Paradigm Leadership Support Initiative (PLSI) also reiterated the need for robust methane governance and transparency in Nigeria’s extractive sector.
