Nigeria Can Benefit from Middle East Crisis, Magnus Abe Tells Senate

Presidential nominee for Chairman of the Nigerian Upstream Petroleum Regulatory Commission, Magnus Abe, has said Nigeria stands to gain significantly from the ongoing tensions in the Middle East if it strategically increases crude oil production and exports.

Abe made the remark on Monday after appearing before the Senate Committee on Upstream Petroleum for screening as chairman of the regulatory commission. The committee is chaired by Eteng Williams.

Speaking with journalists after the screening, Abe described the ongoing conflict involving the United States, Israel and Iran in the Middle East as a global economic crisis with far reaching implications for oil producing nations, including Nigeria.

He noted that while the crisis has contributed to rising global fuel prices, the situation also presents an opportunity for Nigeria to strengthen its oil sector and increase revenue through improved crude oil production and international sales.

According to him, Nigeria cannot isolate itself from the impact of the conflict but must carefully manage the situation through what he described as a “balancing act.”

Abe stressed that although higher fuel prices are already placing additional pressure on the Nigerian economy, the country can still take advantage of the situation by investing more in its crude oil output to boost earnings.

Bola Ahmed Tinubu had in January nominated Abe as chairman of the NUPRC and requested the Senate’s confirmation for him and 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, who previously represented Rivers South East Senatorial District in the Senate for two terms, has also served as a board member of the Nigerian National Petroleum Corporation. He currently chairs the National Agency for the Great Green Wall.