Abstract
Nigeria is ranked within the top 10 countries of the world with the largest proven deposits of natural gas; however, it flares much more than the combined energy needs of sub-Saharan Africa in a day. This phenomenon has brought socio- economic losses and health related problems to the Niger- Delta and its people. Estimates from the World Bank suggest that amounts in excess of 100billion cubic meters of natural gas are burnt yearly. The flaring of this gas is deemed to be a colossal waste of resources, particularly in a country experiencing huge energy shortages. This article thus makes a review of the attendant effects of continued gas flaring from an economic stand point; assesses the country's commitment to end the practice of gas flaring and lastly explores market opportunities (local and international) for the various liquefied natural gas (LNG) projects. This paper, will contribute towards resolving the above stated problem, especially the provision of energy to a rapidly growing population in a sustainable manner. This would be in the form of the development of natural gas as a viable form of energy locally, as well as the movement towards the opening up of new international markets for liquefied natural gas.
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