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 made this statement at the 3rd summit of Gas Exporting Countries Forum (GECF) in Tehran, Iran.
Buhari 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.
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 noted that for decades Nigeria focused on the development of crude oil like other oil producing countries.
“Our current National Proven Gas Reserve Base is 188 Trillion Cubic Feet.
But our actual gas potential may be in excess of 600 Trillion Cubic Feet.
With this great potential, Nigeria is taking appropriate steps to turn its abundant gas resources into veritable catalyst for development,’’ he said.
The President also called on the forum to foster technical and economic cooperation among member states.
According to Buhari, 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.
“Nigeria is among the world’s top five exporters of Liquefied Natural Gas (LNG) and we recently celebrated the 3000th export cargo milestone.
Similarly, we have asserted regional prominence by becoming the hub for natural gas supply in the West African sub-region through our leadership role in the development of the 681km West African Gas Pipeline (WAGP) which currently transmits gas from Nigeria to neighbouring countries of Benin, Togo and Ghana.’’