(Ecofin Agency) - The President of Nigeria, Muhammadu Buhari has called on the leadership of the Gas Exporting Countries Forum (GECF) to take necessary measures in sustaining the price of gas at the international market for the benefit of its members.

Speaking at the 3rd summit in Tehran, Iran on Monday, Buhari noted that Nigeria is taking the necessary steps towards making its exuberant gas resources a facilitator of development. He implore the forum to nurture both technical and economic cooperation among its members.  

 “The stability of the energy and financial market is critical to ensuring investments in current and future natural gas projects. It is 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 price for both producers and consumers.” He said

He added that the forum needs to set up research and development initiatives aimed at technology inventions in exploration and development processing, logistics and marketing for the advantage of its members.

Buhari advised the members to make sure that most gas reserves are replaced and make effort to end the regular gas flaring as soon as possible.

The president, stated that with the construction of a 681km, West African Gas Pipeline being used to transport natural gas to Benin, Togo and Ghana, Nigeria remains the centre for gas supplies in the West African sub-region. He therefore hopes that the country’s established gas reserve which when developed will reach a surplus of 600 tcf from the current 188 tcf, Nigerian Newspapers Today reports.