By Awyetu Asabe Hope
Nigeria is in a relatively strong position to navigate the current global crisis and could benefit from emerging opportunities in the energy sector, Magnus Abe, board chairman-designate of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said.
Abe made the remarks while speaking with journalists in Abuja on Monday after being screened by the Senate Committee on Petroleum Resources (Upstream).
The committee, chaired by Eteng Williams, representing Cross River Central Senatorial District, screened Abe alongside two other nominees for appointment as chairman and non-executive commissioners of the commission.
He noted that although the ongoing global crisis poses significant economic challenges, Nigeria could take advantage of opportunities in the energy sector.
According to him, the current difficulties are not unique to Nigeria but part of wider global challenges affecting many countries.
Abe explained that rising global tensions could lead to higher petroleum product prices locally, but Nigeria may also benefit from increased revenue resulting from higher international crude oil prices.
He described the situation as a “balancing act,” where the negative impact of rising energy costs could be offset by improved earnings from oil exports.
“Some of the developments happening around the world are beyond the control of any single country,” he said.
“As members of the global community, there are situations we simply cannot escape.
Despite the potential economic gains, Abe stressed that the human cost of global conflicts should not be ignored, noting that lives and communities across the world were being affected.
“Our collective prayer should be that this crisis, which in my opinion is unnecessary and harmful to the entire world, is resolved as quickly as possible so that global recovery can begin,” he said.
He urged Nigerians to adopt a balanced outlook, noting that difficult periods can also create opportunities for growth.
According to him, disruptions in global gas supply could create opportunities for Nigeria to expand gas production, generate employment and boost economic activity.
Similarly, he said higher oil prices could make investment in marginal oil fields economically viable, projects that were previously considered unprofitable under lower market conditions.
On his nomination, Abe expressed gratitude to Bola Ahmed Tinubu for the confidence reposed in him and other members of the board.
He described the appointment as both a privilege and a responsibility to contribute to the administration’s Renewed Hope Agenda aimed at restoring confidence and growth across key sectors of the economy.
“I am sincerely grateful to Mr President for considering us worthy to serve.
We see this as an opportunity to contribute our quota to the Renewed Hope Agenda and to help rebuild confidence among Nigerians,” he said.
Abe also highlighted the importance of the Petroleum Industry Act, noting that it provides a strong framework to address longstanding challenges in the oil and gas sector.
According to him, issues such as pipeline vandalism and tensions with host communities can be better managed through the Act’s provisions.
Earlier during the screening, one of the nominees for non-executive commissioner of the NUPRC board, Paul Jezhi, identified discrepancies in crude oil measurement at custody transfer points as a longstanding challenge in the sector.
He told lawmakers that deploying modern metering technology could significantly reduce the problem.
“The discrepancies in crude oil at the custody point have been a long-time issue. Modern meters can now record measurements within a margin of plus or minus one to five, and when such meters are deployed, these discrepancies will largely disappear,” he said.
Jezhi also recommended the use of drones and satellite technology to strengthen surveillance against oil theft and pipeline vandalism, particularly in the Niger Delta.
Earlier, Bola Ahmed Tinubu had written to the Senate seeking confirmation of 21 nominees for the boards of the NUPRC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, nominating Abe as chairman of the NUPRC board.