[Nigeria] is a country in transition. They had an oil-based economy for a long time and they're trying to diversify their economy with agriculture.

[Much of that imported oil leaves the country soon after it arrives.] The economy is growing at just over 5%, and yet oil consumption -- at a time when prices were rising -- rose 9% over the past year, ... My guess is that almost all the increase in consumption can be traced back to growth in smuggling.

Yes, I'm worried ... they're a country that's trying to become a market economy and we need them to take a proper response,

Obviously, the first time out, I'm trying to make an impression. It's a little unnerving, so I had to battle through that a little bit. All and all, I think I did OK.

In the big oil shocks that really damaged the economy, the tax on the consumer was many times more than that, but that alone wasn't enough. You also had to have people worrying that prices were going higher forever.

Oil prices are effectively a tax and we want a low-tax global economy. I am happier with lower prices, even if the profits of oil companies come down.