President Bola Ahmed Tinubu’s nominee for Chairman of the Board of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Senator Magnus Abe says rising global oil prices caused by the conflict between Iran and the United States present an opportunity for Nigeria to build its energy sector and increase revenue.
Senator Abe spoke on Monday 16 March 2026 after appearing before the Senate Committee on Petroleum Resources (Upstream) for his screening at the National Assembly in Abuja.The senate committee, chaired by Senator Eteng Jonah Williams, screened nominees submitted by President Tinubu for appointment as chairman and non-executive commissioners of the commission’s board.
Following Senate tradition for former lawmakers, Abe was asked to “take a bow and go,” having previously served two terms representing Rivers South East in the 7th and 8th National Assembly. While speaking with journalists after the screening, Senator Abe described the global crisis as a challenge affecting many countries.
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“This is a difficult time for the entire world. It is not only a Nigerian problem,” he said. He further noted that while higher crude oil prices could push up fuel costs, Nigeria could benefit from increased revenue from oil exports. “There must be a balance. Prices may rise, but government earnings from crude oil sales will also increase,” he added.
He also insisted that Nigeria should use the moment to expand investment in gas development and marginal oil fields. According to him, higher oil prices can make some marginal fields profitable and create jobs in the sector. He also mentioned that the regulatory framework under the Petroleum Industry Act (PIA) can help address issues such as oil theft and community tensions in oil-producing areas.
