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ABSTRACT
Exploration and exploitation of oil in Nigeria since the discovery of oil in the commercial quantities in 1958 have sustained the country economy and contributed greatly to the enhancement of its citizenries’ well-being. However, the negative impacts of the introduction of unwanted byproducts into the ecological system during oil exploration and exploitation by way of relentless flaring of gas and oil spillage cannot be ignored. This present study, therefore, reports the economics and environmental impacts of oil exploration and exploitation in Nigeria. Data were collected and analyzed on the volume of gas produced and flared in Nigeria between 1970 and 2010; also collected are the barrels of oil produced between 1970 and 2020 and the average price of barrel oil and gallon of gas between the said period. Results of analysis indicate that about $669 billion was generated from the sales of crude oil between 1970 and 2010. Analysis of the collected data also showed that, between 1999 and 2010, 742,983,000 m3 of gas was produced, equivalent to $192 billion if harnessed and 587,375,000 m3 flared, representing $151.3 billion loss of revenue. The exploitation and exploration of oil therefore not only are a source of revenue for the country but also contributed greatly to the pollution of the environment and the need to collect the gas for effective utilization.