The Nigerian leader, who disclosed this while addressing the 5th Gas Exporting Countries Forum (GECF) Summit at the Sipopo International Conference Hall, Malabo, Equatorial Guinea, added that the viability of extending the gas pipeline to North Africa was also under consideration.
Describing the theme of the Summit, Natural Gas – Energy for Sustainable Development as most appropriate, President Buhari noted that the one-day meeting was “taking place at a critical juncture as global energy supply is transitioning from hydrocarbons to renewables.”
According to him, “The Paris Accord of 2015 signalled the first major global commitment to a deliberate effort on this inevitable transition,” stressing that “Nigeria is proud to be one of the first signatories” to the historic Agreement.
Explaining why Nigeria and GECF members are focusing on gas development, the Nigerian leader said:
“We are mindful of the energy deficit in the developing world especially, here in Africa where we have nearly 600 million people without access to modern energy. As responsible leaders, it is our duty to preserve the environment not only for the present but for future generations.
“We can achieve this balance between our energy deficit and environmental preservation needs by developing and deploying new technologies. Although classified as fossil fuel, natural gas is a viable solution to both our energy and environmental challenges.”
President Buhari noted further that “natural gas has the added advantage of availability and affordability,” stressing that, “to fully leverage this potential, nations need to pool resources to put up trans-border and trans-regional energy infrastructure.”
According to him, “we in Nigeria have led the way by the construction of the West Africa Gas Pipeline which runs through four West African countries.”
President Buhari also commended the foresight of the founding fathers of the GECF “in promoting natural gas in the global energy mix.”
Declaring the Summit open, the host, President Teodoro Obiang Nguema Mbasogo, called on members of the GECF to continue to work in harmony towards the realisation of the objectives of the multinational organisation.