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.

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.

The pump price of Premium Motor Spirit (PMS), commonly known as petrol, has increased to as high as N1,040 per litre in Lagos and N1,080 per litre in Abuja, following a recent adjustment by fuel marketers.

The development comes a day after the Dangote Refinery raised its ex-gantry price of petrol to N995 per litre.

Checks on Saturday showed that several retail outlets across Lagos and Abuja had adjusted their prices upward.

At retail outlets operated by Nigerian National Petroleum Company Limited in Ilasa, Apple Junction, and Ago Palace Way in Lagos, petrol was sold at N1,040 per litre, representing an increase of N47 from the previous price of N993 per litre.

Similarly, Emadeb Energy and PM Petroleum filling stations located along the Oshodi/Apapa Expressway were dispensing petrol at N1,040 per litre.

At a Techno Oil Limited retail outlet in Festac Town, the product was priced at N1,050 per litre, while stations operated by MRS Oil Nigeria Plc sold petrol at N1,057 per litre.

In Abuja, petrol was sold at N1,050 per litre at Gegu Oil Nigeria along the Kubwa Expressway, while Empire Energy filling stations dispensed the product at N1,080 per litre.

However, an outlet operated by Ardova Plc sold petrol at N959 per litre.

The latest increase comes amid rising geopolitical tensions in the Middle East, which have contributed to volatility in global crude oil prices.

On Friday, crude oil prices surged to $91 per barrel as the conflict involving the United States, Israel, and Iran continued to escalate across the region.