Buhari Urges GECF To Sustain Pricing Mechanism

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President Muhammadu Buhari has called on the leadership of the Gas Exporting Countries Forum (GECF) to sustain the pricing mechanism of gas in the international market to the advantage of its members.

Speaking on Monday in Tehran, Republic of Iran, while delivering his speech at the ongoing 3rd Summit of GECF, Buhari noted that Nigeria has channelled its gas resources into appropriate areas for development of its economy. He urged GECF member-countries to show mutual technical and economic cooperation amongst themselves.

The president also decried that the dwindling oil prices which he said has affected the income of the Country but expressed hope that the nation’s proven gas reserve base currently put at 188 Trillion Cubic Feet could actually be in excess of 600 Trillion Cubit Feet when developed, stressing that Nigeria remained the hub for natural gas supply in West African sub region with the construction of 681 kilometer West African Gas Pipiline which currently transmits gas from the country to neighboring countries of Benin, Togo and Ghana.

“The stability of the energy and financial market is 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,” Buhari said.

Speaking earlier, the Chairman of the forum and President of Iran, Hassan Rouhani, called for cooperation of member states to enable them benefit maximally from the natural resources.

President Buhari is expected back in Nigeria today.

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