There are emerging indicators that Nigeria may be facing high risk as crude oil price rises in the global market. 

A former Chairman of the Senate Committee on Petroleum, Upstream, Magnus Abe, asserted that the surge in global oil prices triggered by tensions emanating from the Iran and the United States conflict presents both challenges and opportunities for Nigeria.

Abe, in a media interaction, after appearance before the senate committee on Petroleum Resource, Upstream, noted the impact of the escalating global crisis on fuel price in Nigeria, saying the situation is a worldwide challenge rather than a purely Nigerian problem.

According to him, while the conflict has pushed up the cost of fuel and created hardship for Nigerians, the increase in oil prices could also translate into higher national revenues.

Abe called for global prayers for an end to the conflict, noting that beyond the economic implications, the crisis was claiming human lives. He urged Nigerians to see the situation as an opportunity to strengthen the country’s energy sector, particularly, in gas development and marginal oil field investments.

Earlier, the committee, chaired by Senator Eteng Jonah Williams, representing Cross River Central Senatorial District, screened nominees forwarded by President Bola Tinubu for appointment as chairman and non-executive commissioners of the commission.

In line with the Senate’s tradition for former lawmakers appearing for confirmation, Abe was asked to “take a bow and go," having served two terms in the National Assembly.