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PIB: Gov Diri seeks resolution of ambiguity in provisions for host communities

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Gov. Douye Diri of Bayelsa
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Gov. Douye Diri of Bayelsa has called for clarity in the definition of host communities in the recently passed Petroleum Industry Bill (PIB) to avoid potential conflicts.

The bill, which was passed into law recently by the senate, is the first in a series of long awaited petroleum industry laws designed to reform the Nigerian oil and gas industry.

The PIB is an omnibus law, meant to regulate the entire sphere of the industry and repeal all current existing oil and gas legislation.

It struggled to see the light of day in spite of its introduction to the National Assembly over 16 years ago.

Diri, who spoke on a Channel’s Television breakfast current affairs programme  said that three per cent of oil revenue for host communities who suffered devastating effects of exploration and exploitation activities was grossly inadequate and called for an upward review.

He said that prior to Monday’s meeting of the southern states governors in Lagos, the states had been in consultation with relevant stakeholders on their position, which he said was a minimum of 10 per cent of oil revenue to oil producing communities.

According to him, it is unacceptable that a provision of 30 per cent profit of the Nigerian National Petroleum Corporation was inserted in the controversial bill for “frontier exploration” in areas that were not clearly specified.

Diri frowned at the definition of oil producing communities and host communities to include areas where pipelines were laid.

He called for a reversal of such proposal, saying it was a time bomb that if not properly addressed, could create avoidable crises.

The governor restated his commitment and that of his colleagues in the Southern Governors Forum to continuous dialogue to resolve issues that bordered on challenges faced by oil producing communities and states.

Responding to a question on open grazing, Diri described cattle rearing as a private business that the states had power to regulate, stressing that there was no going back on the ban of open grazing in Bayelsa, which he said was no longer sustainable.

 

 

 

He stated that the ban was in force in the state since he assented to the bill on March 11, 2021.

On the issue of the governors’ resolve that the president of the country should emerge from the South in 2023, he said although it was a political decision that required consultations and lobby, a president of Southern extraction in the next election would encourage peaceful coexistence.

“Governors did not wait until now to speak on the PIB. Speaking on behalf of my state, we had a position and it was made very clear during the public hearings.

“It is unthinkable and total injustice to allot three per cent to oil producing communities. We stated our position of 10 per cent.

“The definition of host communities or oil producing communities is also worrisome.

“Oil producing communities should not be where pipelines are laid. If the issue of what an oil producing community is, is not addressed, it is a time bomb that can explode.

“The issue of cattle grazing is a commercial, private activity. I do not see why we needed anybody’s opinion to regulate a private activity.

“We have a duty to protect our people. That is why we have state assemblies. In Bayelsa, it already came into effect since March 11, 2021. Open grazing is no longer sustainable. We need to stop it.

“On the issue of Southern presidency, the governors will have to engage in lobby.

“But it is only natural justice for the south to produce the president after President Buhari’s eight years. It is not constitutional but a gentleman’s agreement to encourage cohesion and peaceful coexistence,” Diri said.

Diri said although COVID-19 slowed things down globally, his administration had made appreciable progress in road and infrastructure development, urban renewal of the state capital, Yenagoa, as well as in ensuring peace, unity and reconciliation within the last 16 months of being in office.

He assured that his administration was committed to development of every sector of the state’s economy and called for support from Bayelsa people.

(NAN)

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Nigeria, UK Move to Close £1.2bn Trade Data Gap with Digital Customs Pact

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Nigeria and the United Kingdom have agreed to deepen customs cooperation through a new digital data-sharing framework aimed at resolving a £1.2 billion discrepancy in bilateral trade figures, a longstanding issue affecting transparency and efficiency between both economies.

The agreement was reached during a high-level meeting in London on March 18, 2026, held on the sidelines of President Bola Tinubu’s state visit under the Nigeria–UK Enhanced Trade and Investment Partnership (ETIP).

According to the Nigeria Customs Service (NCS), the talks brought together Comptroller-General Adewale Adeniyi and Ms. Megan Shaw, Head of International Customs and Border Engagement at His Majesty’s Revenue and Customs (HMRC), with discussions focused on customs modernisation, trade data transparency, and operational collaboration.

At the centre of the engagement is a significant mismatch in trade statistics. Nigeria recorded about £504 million worth of imports from the UK in 2024, while UK data shows exports to Nigeria at approximately £1.7 billion over the same period — leaving a gap of roughly £1.2 billion.

Both sides described the discrepancy as structural and agreed on coordinated measures to address it. Chief among these is the proposed implementation of a pre-arrival data exchange system, which will connect digital customs platforms in both countries to improve data accuracy, strengthen risk management, and enhance compliance monitoring.

Adeniyi emphasised that stronger customs collaboration is vital for economic growth and sustainable trade, noting that customs authorities play a key role in ensuring secure and transparent cross-border trade flows.

The meeting also highlighted advancements in customs technology, with the UK showcasing artificial intelligence-driven tools, digital verification systems, and real-time analytics designed to improve cargo processing, risk assessment, and border security.

In addition to addressing the data gap, both countries agreed on several strategic initiatives, including the development of a Customs Mutual Administrative Assistance Framework, technical cooperation on capacity building, and the establishment of a joint engagement mechanism under ETIP.

The NCS said the outcomes of the meeting would enhance operational efficiency, boost trade facilitation, and support Nigeria’s broader economic reform agenda, positioning the country for improved competitiveness in global trade.

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Nigeria’s “Shockproof” Economy: Cardoso Signals New Era of Stability to London Investors

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CBN Governor, Yemi Cardoso
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Central Bank of Nigeria (CBN) Governor Olayemi Cardoso issued a bullish assessment of the nation’s financial health yesterday, declaring that aggressive institutional reforms and disciplined monetary policy have built a “stronger capacity” to withstand global economic volatility.

Speaking at the Africa Capital Forum—held on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom—Cardoso painted a picture of a Nigerian economy transitioning from a period of emergency stabilization to one of sustained investment.

A Fortress Against Volatility

The Governor’s address focused heavily on the “de-risking” of the Nigerian financial system. By emphasizing a shift toward a predictable policy framework, Cardoso aimed to reassure international stakeholders that the days of opaque, discretionary decision-making are ending.

“We are reviewing our policies with a view to developing meaningful policies and establishing a predictable policy framework to minimise discretion,” Cardoso stated, noting that consistency is the primary tool for reducing investor uncertainty.

The Governor highlighted several critical milestones achieved under the current administration’s reform agenda:

Banking Recapitalization: The CBN reported that over 30 banks have already met new capital requirements.

Notably, 28% of the newly raised funds originated from foreign investors—a metric Cardoso cited as a clear vote of international confidence.

FX Transparency: A new foreign exchange manual has been deployed, stripping away previous restrictions to boost liquidity and simplify operations for multinational businesses.

Remittance Surge: Increased diaspora remittances have bolstered foreign exchange reserves, providing a crucial buffer against external shocks.

Fiscal-Monetary Synergy: In a departure from previous friction, Cardoso noted that the inclusion of fiscal authorities on the CBN Board and the Monetary Policy Committee (MPC) has synchronized the nation’s broader economic strategy.

The Digital Frontier: “Vision for Nigeria”

Looking ahead, the Governor announced the completion of a new Payments System Vision. This initiative aims to cement Nigeria’s status as the continental leader in digital payments and cross-border transactions, specifically targeting the removal of regulatory hurdles for the nation’s burgeoning fintech sector.

 

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Tinubu Swears in Taiwo Oyedele as Minister of State for Finance

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President Bola Ahmed Tinubu and Taiwo Oyedele
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President Bola Ahmed Tinubu on Monday swore in Taiwo Oyedele as Minister of State for Finance, praising his experience, dedication, and professionalism in public service.

Speaking shortly after the brief ceremony at the Presidential Villa in Abuja, the president described the appointment as a vote of confidence in Oyedele’s competence and commitment to national development.

Tinubu commended the new minister for his role in coordinating the work of the Presidential Committee on Fiscal Policy and Tax Reforms, noting that his expertise and deep knowledge of tax policy had been instrumental in shaping reforms aimed at simplifying Nigeria’s tax system, expanding the revenue base, and improving the business environment.

“We are very proud of your knowledge, your simplicity, ambition, and excellence,” the president said, while also acknowledging the support of Oyedele’s wife, whom he praised for standing by him despite the demands of public service.

Tinubu said Oyedele’s dedication, patience, and determination to serve the country made him well suited for the role, adding that the position carries significant responsibility at a time when Nigeria is pursuing economic stability and growth.

According to the president, the new minister’s efforts in reforming Nigeria’s tax framework have helped address policies he described as outdated and inconsistent with progressive economic thinking.

Oyedele, who hails from Ikaram in Akoko area of Ondo State, is an economist, accountant, and public policy expert.

He obtained a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and later earned a Bachelor of Science degree in Applied Accounting from Oxford Brookes University.

He has also completed executive education programmes at London School of Economics, Yale University, Gordon Institute of Business Science, and Harvard Kennedy School.

Before his appointment, Oyedele spent 22 years at PricewaterhouseCoopers, where he joined in 2001 and rose to become Fiscal Policy Partner and Africa Tax Leader.

He also serves as a professor at Babcock University in Ogun State and as a visiting scholar at Lagos Business School.

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