 Welcome back, let's do the breakfast and plus TV Africa. Now following Russia's invasion of Ukraine and a full on economic sanctions imposed on Moscow by Western powers, crude oil prices extended higher during Tuesday's midday session, hovering at fresh seven-year highs. The West Texas Intermediate, which is another benchmark used by oil market, representing oil produced in the U.S. trade at above 96 barrel. As the conflict in Ukraine continues, experts say several African state cruts stand to benefit from rising oil prices as many countries look to develop their burgeoning oil sectors. Since Russia invaded Ukraine last week, oil prices have soared. Region levels previously only speculated about passing the $100 per barrel mark. The brand crude benchmark has been steadily climbing from the beginning of the year and achieved almost $101 earlier this week. With Russia contributing between 25-30% of the world oil supply, experts are worried about a potential shortage, should other state-imposed sanctions on Russia. To help us get a better sense of these developments, let's welcome Nupeng south-west zonal chairman, Tayo Abueji. Many thanks for joining us on the breakfast and plus TV Africa. Good morning. Yeah, good morning to you. It is our pleasure. Let's talk about the importance and implications of all of this on Nigeria specifically. Now, Russia has been sanctioned. Don't you think Nigeria has a bit of an opportunity now to utilize this particular opening and get a wing fall as regards the prices? As of yesterday, it sold at about $105. What do you really think are the benefits for Nigeria? Well, if in a situation in which Nigeria are producing and revining our products locally, I think we should be happy that the prices go low. But unfortunately for Nigeria, the price is going on instead of us to celebrate. But the fact that we are not exporting our kudo and bringing the refined products, the gap between the cost price and the one we are bringing into Nigeria, unified all the profit we are supposed to make. So, Nigeria does not benefit anything due to the fact that we are using that profit we are supposed to have to subsidize the one we are bringing in. So, Nigeria, do you have any questions for the price? So, in all of this right now, you will say it is not yet uhuru for the downstream sector in Nigeria. You know, one would have thought that with all of this playing out that there should be some sort of leeway for Nigeria. You talked about subsidy. So, invariably, you are saying that subsidy has in so many ways affected all of the revenues that should be accruing into the coffers of Nigeria. Yes, the subsidy that's wiped out all the profits is supposed to be. And just as you said, there is no rule for Nigeria about it. Even the government confirms that the active price does not benefit Nigeria. Okay, but still looking at this right now, you know, fine, even if Nigeria, you know, cannot really get the yacht most from all of this because of our internal challenge. Let's talk about the continent for instance. How do we begin to push the continent forward because I feel that it is an opportunity, you know, that we could as Africans gain from all of this conflict? I would say if you talk about your country before you move into other, I mean, the continent, let's ask ourselves, how can we make advantage of this kind of a situation as in Nigeria? Then you were able to balance that of, now think of the continent. As of today, Nigeria is not making anything or there's no profit, there's nothing, any advantage that this situation has accrued to Nigeria. So if you cannot get, if you cannot be in a situation where we make our country better, we should leave me talking of the continent. Okay, so let's look at it in another way right now. As of yesterday, you know, the West Texas intermediary went above $100. What do we see playing out in the next coming days? Do you see a field hovering at that particular, you know, price would each drop or would they even increase further? Depends on the situation in Russia and Ukraine. If tomorrow there are ceasefire, Russia decides to bombard Ukraine again. The price, there may be a certain price. The price may likely come down. But as long as the world continues, all the other countries will be speculating. They will not know that they will not know what is happening or will happen in the next few weeks. So they want to start, there's some stock and that will demand for the products to make the price higher. Okay. Mr. Tyo, the argument here, I totally understand the fact that if you look at the logic, because this is the argument that's actually going on right now, that the conflicts that we currently have in Ukraine and Russia would be very beneficial to Africa and for all countries that are actually producing oil, you won't talk about Niger and Gola among others. Now, if you also look at it, we also have a huge challenge of, I mean, earnings and not meeting our quota production by OPEC. So one would rather think we understand that even if we are able to meet the quota projection, we're looking at the 1.46 trillion barrel, if I'm not mistaken, if there's something to go by, as against what we're producing, which is actually, I mean, that's the actual that we should be meeting 1.63 trillion. And currently, we're not meeting that particular target. Now, one would think that the fact that we're even able to export, if we're able to meet the quota production, if we're able to even meet it, that means we'll actually make a lot of foreign exchange that would actually help us with funding of our budget. And not forgetting the fact that even the subsidy was you're looking for monies, even the budget itself, you know, we do not have. I don't think it's a lose-lose situation at the end of the day. It might just not be a total loss for us in Nigeria. Yes, we understand that we do not have the capacity to refine our product, but not necessarily a loss. I still see that there might just be a little bit of hope and light in there for us, you know, to take advantage of the situation as a country. I didn't see the hope at all. If you know the amount of foreign exchange that is going for subsidy, I didn't see the hope at all. We are not making any profits, except the government probably at the high price. But as of now, we are not making any profit. So there's two things that the price is surging up and Nigeria is making anything. So how about the situation of we taking a big, because this is actually a market for us. Don't you see, you know, the Nigerian government taking advantage of some of these illegal refineries that we have, trying to maybe probably give license and trying to see how they meet up international best practices, because we already have illegal refineries, rather than destroy them, find out how to improve on them and make them work. And so we can actually maybe refine some of our products and don't have to export. So we can actually end, you know, within this period of the crisis or the conflict that's ongoing in Russia and Ukraine. I'm trying to be positive here. I don't know why you are the party to us in Nigeria refineries. So they are illegal refineries. My point here is the government is clamoring that as a yesterday. So there are some people who think that rather than the government crashing this illegal refineries, they can decide to improve on them and, you know, get it working. And then we can also, you know, refine our products. That's also another means because you are saying that the reason why we will not cash out at this period in time as a country and as a continent, mostly if we're unable, we don't have the capacity to refine our product. And so it doesn't make any sense at the end of the end, the fact that we have to spend on subsidy. So I'm saying that if we look inwards and we find out that yes, we have illegal refineries that in different parts of the country, rather than destroy them, we find the way to make them, you know, functional, meet in best practice. And what have you, then maybe we can take advantage of the situation. Well, I don't know what you are talking about. But the way of it, I will deploy the government to those ones who refer to as illegal refineries, to legalize them, to make use of their, make use of their intelligence and everything that will make them illegal. And that will make them the legal part of the system. All right, thank you so much, Tayo. All right, indeed. I want to say a big thank you for all of your comments concerning the issue of the oil price at the international market and, of course, the issue of illegal refineries. We do appreciate your time, but that's as much as we can take on full time sake. Thank you so much for your comment and, of course, your input this morning. We do appreciate them. Well, thank you so much. We do appreciate it, and that's the much we can actually take at this point in time. It's been an amazing conversation. We'll definitely return tomorrow. 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