ASSESSING THE IMPACT OF GAS FLARING COST ON SOCIOECONOMIC DEVELOPMENT IN NIGERIA
The impact of gas flaring costs on Nigeria’s socioeconomic development is assessed in this study. The study employed ex post facto research methodology. The World Bank’s open data, marotrends.net, statistis.com, and the NEITI report from 2012 to 2022 are examples of secondary sources for this data collection. To ascertain the extent of the association between the variables under investigation, the researchers employed regression analysis, correlation analysis, and descriptive statistics. To that purpose, E-views 10 was utilized to look for correlations between the dependent and independent variables using the Ordinary Least Squares (OLS) approach to estimation. We used the cost of gas flaring as a proxy, and we used GDP, unemployment, life expectancy, crime, and safety rate as proxies for socioeconomic progress. The findings indicate a statistically significant and positive correlation between the cost of gas flaring and life expectancy, GDP, and unemployment. However, the gas of gas flaring has no bearing on the rate of crime or safety. Overall, the analysis found that GLC and GDP were positively correlated with life expectancy and unemployment together. GLC, however, has no bearing on the rate of crime or safety. The study recommends that government should have enough economic and political clout to enact laws that will strengthen its control over the oil market. When valuable natural resources are frittered away by venting and flaring, they should be conserved for later use or put to good use, such as producing electricity. If correctly controlled, gas flaring costs should be used to lower the unemployment rate by creating more jobs. To guarantee that communities have access to adequate healthcare and health education on the effects of gas flaring, the government and oil companies should collaborate.
KEYWORDS: Gas Flaring Cost, Socioeconomic Development, GDP, Unemployment, Life Expectancy, Crime and Safety Rate
