May 12th, 2023 Book Review

The politics of building Nigeria’s post-oil economy: A book review

Specifically, the author argues that the failure of successive governments to implement long-term economic planning and diversify Nigeria’s economy is explainable by the political economy concept of Political Settlement (an agreement by which powerful groups, organisations and individuals in a society set the political and economic rules that maintain the peace among competing groups, thereby ensuring stability and a balanced distribution of benefits).

March 19th, 2020 Oil and Gas

Beyond Health: Economic and Power Generation Implications of Nigeria’s Flared Gas

Though Nigeria produced an estimated 170 trillion cubic feet of gas, more than 70% is flared off. After Russia, Nigeria flares the most gas in the world. Between 2012 and 2020, Nigeria flared over 1.5 billion standard cubic feet of its natural gas. During the process of flaring gas within those years, about 82 million tonnes of CO2 was emitted. For the quantity of CO2 emitted, Nigeria Gas Flare Tracker estimated that ideally, oil companies engaged in gas flaring should pay about $3.2bn as a penalty. That’s 1.152 trillion naira, which is enough to cover for the coronavirus induced 1 trillion naira intervention by the Central Bank. It could have cushioned 77 percent of the 1.5 trillion naira cut that the 2020 budget is witnessing.