Tehran - President Muhammadu Buhari has said that Nigeria was taking appropriate steps to turn its abundant gas resources into veritable catalyst for development as the nation’s gas potential might be in excess of 600 trillion cubic feet.
The President said this at the 3rd summit of Gas Exporting Countries Forum (GECF) in Tehran, Iran, on Monday.
He said the country was taking the steps because natural gas was fast evolving as the fuel of choice for sustainable development in view of its impressive suitability for environmental protection and lower cost of supply in comparison with fossil fuels.
He, therefore, charged the leadership of the GECF to take appropriate steps towards sustaining the pricing of gas at the international market for the benefit of member countries.
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He said that the stability of the energy and financial market was critical to ensuring investments in current and future natural gas projects.
"It is therefore imperative that the GECF plays a significant role towards energy security by driving the formulation of a sustainable pricing mechanism that will guarantee fair and reasonable for both producers and consumers,’’ he added.
President Buhari also called on the forum to foster technical and economic cooperation among member states.
According to him, Nigeria remains the hub for natural gas supply in West African sub region with the construction of 681-kilometre West African Gas Pipeline which currently transmits gas from the country to neighbouring countries of Benin, Togo and Ghana.