ABUJA: Former Senator Magnus Abe has said Nigeria could turn the ongoing tensions in the Middle East into an economic opportunity by increasing crude oil production and expanding exports to boost national revenue.
Abe, who is President Bola Ahmed Tinubu’s nominee for Chairman of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), made the remarks on Monday after appearing before the Senate Committee on Upstream Petroleum for screening.
The committee is chaired by Senator Eteng Williams.
Speaking with journalists after the screening exercise, Abe described the ongoing conflict involving the United States, Israel and Iran as a global crisis with far-reaching economic consequences for oil-producing nations.
According to him, although the tensions have contributed to rising energy prices across the world, they also present an opportunity for oil-producing countries such as Nigeria to strengthen their position in the global market.
He explained that Nigeria must respond strategically by expanding its crude oil production capacity and attracting more investment into the upstream petroleum sector.
Abe noted that the impact of the crisis is already being felt domestically through higher fuel and energy costs.
However, he stressed that the country must adopt what he described as a “careful balancing act” in navigating the situation.
“If Nigeria strengthens its production capacity and positions itself properly in the international oil market, the country can increase revenue from crude oil sales,” he said.
Abe added that global disruptions in oil supply often create openings for producers that are able to scale up production quickly and meet international demand.
He therefore urged policymakers to prioritise investments that would improve Nigeria’s production output and ensure the country maximises its advantage in the evolving global energy landscape.
President Tinubu had in January nominated Abe as chairman of the NUPRC and forwarded his name to the Senate for confirmation alongside two other nominees to serve on the boards of the commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority as non-executive commissioners.
Abe represented Rivers South East Senatorial District in the Senate for two terms and previously served on the board of the Nigerian National Petroleum Corporation.
He currently serves as Chairman of the National Agency for the Great Green Wall.
