Nigeria can weather global crisis, seize energy opportunities-NUPRC Board Chairman

Nigeria is in a relatively strong position to navigate the situation and possibly benefit from emerging opportunities in the current global crisis.

Sen. Magnus Abe, Board Chairman designate of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), made the comment in an interview with newsmen in Abuja on Monday.

Abe was screened by the Senate Committee on Petroleum Resources (Upstream) earlier.

The committee, chaired by Sen. Eteng Williams, representing Cross River Central Senatorial District, had earlier screened Abe and two others

for appointment as chairman and non-executive commissioners of the commission.

He said that although the current global crisis presents serious economic challenges, Nigeria could seize energy opportunities.

Abe said that the difficulties being experienced were not unique to Nigeria but are part of a wider global challenge affecting many nations.

He explained that while rising global tensions could push up the prices of petroleum products locally, Nigeria may also gain from increased revenues due to higher international crude oil prices.

According to him, the situation should be viewed as ‘a balancing act’ where the negative effects of rising energy costs could be offset by improved earnings from oil exports.

He also emphasized the importance of recognising Nigeria’s position within the global community, noting that certain international developments inevitably affect all countries.

“Some of the developments happening around the world are beyond the control of any single country.

“As members of the global community, there are situations we simply cannot escape,” he said.

While discussing the economic implications, he stressed that the human cost of global conflicts should not be ignored, noting that lives are being lost and communities are being affected across the world.

“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.

In spite of the challenges, he urged Nigerians to adopt a balanced outlook and recognise that difficult periods can also create opportunities for growth.

He pointed out that disruptions in global gas supply could open the door for Nigeria to expand its own gas production, potentially generating employment and boosting economic activity.

Similarly, he said higher oil prices could make investments in marginal oil fields economically viable, projects that were previously considered unprofitable under lower market conditions.

On his appointment, Abe expressed gratitude to President Bola 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 Nigerian 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.

He also highlighted the importance of the Petroleum Industry Act, noting that the law provides a strong framework to address many longstanding issues in the oil and gas sector.

According to him, challenges 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 long-standing challenge in the sector.

He told lawmakers that the deployment of 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 adoption of drones and satellite technology to strengthen surveillance against oil theft and pipeline vandalism, particularly in the Niger Delta.

Supreme news reports that President Tinubu had earlier written to the Senate seeking confirmation of 21 nominees for the boards of the NUPRC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

In the letter, the president nominated Abe as chairman of the NUPRC board.

Abe, a former senator and one-time board member of the Nigerian National Petroleum Corporation, currently serves as chairman of the National Agency for the Great Green Wall.