According to a GlobalData report, Nigeria and other nations which, flare rather than utilise gas for power generation or other domestic uses could lose up to $82bn per year.
The report identified the following countries as topping the list of biggest gas flarers: Nigeria, Algeria, Angola, Indonesia, Iran, Iraq, Libya, Malaysia, Mexico, Russia, the US, and Venezuela.
The Federal Government had pledged to end the burning of gas as a by-product of oil production by 2030, in its latest climate plan recently submitted to the United Nations.
The GlobalData report stated further that many countries persist in gas flaring despite available technological solutions to avoid this activity.
Aside the loss of revenue, gas flaring also affects the environment as it is one of the major contributors to CO2 emission.
Experts disclosed that it would do the countries, and the global environment, a lot of good if oil and gas operators can find a strategy to sell the gas rather than lose it.
