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Nigeria loses N300 Billion to gas flaring in 7 months

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Gas flaring in Nigeria’s oil fields has taken a huge toll on the economy, as the country flared 225.1 billion standard cubic feet of gas, between January and July 2020.

The monetary value of the burnt gas in the international market is $787.7 million (about N299.33 billion).

This comes against the backdrop of the huge revenue losses arising from the impact of the outbreak of COVID-19 pandemic which crashed both volume and price of crude oil sales.

The volume of gas flared was an equivalent of 12.0 million tonnes of carbon dioxide emission.

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