Nigeria could Lose N3.43trn to Fuel Flaring, NEITI Warns
The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed concern over the quantity of gasoline flared in 2023, amounting to 183.408 billion commonplace cubic toes (SCF).
The Government Secretary of NEITI, Dr Orji Ogbonnaya Orji, said this at a high-level coverage dialogue in Abuja. He additionally mentioned the misplaced gasoline had an estimated financial worth of $458.52 million or N685.95 billion.
Orji emphasised that such losses, if sustained, might quantity to over $2.29 billion or N3.43 trillion in 5 years, and had been funds that would help training, well being, infrastructure and local weather resilience for host communities.
He additionally known as for a transparent coverage declaration that should institutionalise a methane governance regime that’s sturdy, enforceable, clear and aligned with worldwide greatest practices because the period of business-as-usual in methane emissions administration is over.
The chief secretary defined that methane is over 80 occasions stronger than carbon dioxide in its impression on world warming, saying, “Nigeria can’t declare seriousness on local weather commitments if we ignore the silent disaster of methane air pollution throughout our extractive industries.
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“Nigeria’s local weather commitments will stay hole with out concrete motion on methane discount. Methane motion is local weather motion, financial motion, and social justice,” Orji reiterated.
As a part of its intervention, NEITI introduced the adoption of a brand new Vitality Transition and Local weather Accountability Framework, which seeks: necessary monitoring of greenhouse gasoline (GHG) emissions and local weather dangers, Unbiased oversight of oil firm divestments, monitoring of Host Group Improvement Trusts underneath the Petroleum Business Act (PIA), and Alignment of NEITI audit cycles with Nigeria’s Nationally Decided Contributions (NDCs).
He revealed that NEITI has already built-in methane and greenhouse gasoline disclosures into its 2022 and 2023 oil and gasoline trade experiences, with 15 corporations reporting emissions knowledge.
On his half, the Chairman, Home Committee on Fuel Assets, Hon. Mutu Nicholas Ebomo, affirmed that the committee is absolutely conscious of the fragile steadiness between maximising the financial potential of the gasoline sector and “guaranteeing that we accomplish that in a fashion that’s environmentally accountable and sustainable.”
“We’re dedicated to working with all stakeholders, authorities companies, civil society, improvement companions, and the non-public sector, to determine a coherent and enforceable framework that promotes transparency, knowledge integrity and accountability throughout the gasoline worth chain.”
The Senior Nation Officer of the Pure Useful resource Governance Institute (NRGI), Ms. Tengi George Ikoli, in her goodwill message, recommended Nigeria for its sturdy dedication each nationally and internationally.
