Abstract
The extent to which a country develops is anchored around its resources; and this is evidenced in how the revenue derived from natural resources (especially the oil and gas industries) has influenced national development strategies. This notwithstanding, the existence of natural resources does not always translate to development, as these often times lead to complacency and mismanagement; Nigeria may have suffered from this. This paper establishes the impact of gas production, utilization, and flaring on the estimated monetary value of the goods and services produced in Nigeria (GDP), using multiple linear regression analysis. The result shows that while gas utilization has a positive impact on the nation’s GDP, gas production and flaring are negatively associated with GDP. The paper concludes that for these to positively stimulate economic growth, there is need to invest more in infrastructure in the industry, and review the regulatory framework guiding operations of the oil and gas industry.
Highlights
The strategies of many countries are often woven around, and influenced by available resources such as mineral deposits, oil and natural gas
The computed F-statistic value of 59.36, which is greater than the tabulated F-statistic value of 2.58 at 5% level of significance, indicates a negative relationship between economic growth and gas flaring in Nigeria
It could be concluded that gas flaring has a negative impact on the economic growth of Nigeria
Summary
The strategies of many countries are often woven around, and influenced by available resources such as mineral deposits, oil and natural gas. In view of this, [1] concludes that the presence of natural resources (especially oil and gas) plays an important role in national development strategy. This notwithstanding, the existence of natural resources does not always translate to development—a situation that may have influenced certain views. There is a suggestion of a positive association between resource extraction and breakdown in law and order [2,11] This may, perhaps be the reason why in Nigeria, no meaningful progress has been made in reducing the frequency and level of oil spill incidences, poor remediation and clean up of the environment, illegal oil exploration and refining, among others
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