The Federal Government of Nigeria has announced the suspension of the recently enacted Expatriate Employment Levy by the Federal Ministry of Interior, as revealed in a statement issued by Dele Kelvin Oye, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), on Friday.
The decision to suspend the levy implementation comes in the wake of a successful Trade and Investment outreach led by President Bola Ahmed Tinubu in Qatar. This outreach facilitated a productive meeting between President Tinubu, Minister of Industry, Trade and Investment Doris Aniete, and Minister of Interior Olubunmi Tunji-Ojo.
Attended by various key stakeholders, including the President of the Petroleum Technology Association, the President of the Special Economic Zones Association, and other business representatives, the meeting culminated in the temporary suspension of the Expatriate Employment Levy.
According to the statement, the introduction of the levy had sparked widespread condemnation from private sector groups, citing concerns about its impact on Foreign Direct Investment and the nation’s currency stability.
In announcing the suspension, NACCIMA’s President emphasized the importance of further consultations with stakeholders, stating that a review committee would be established for this purpose.
“The implementation of the Expatriate Employment Levy will be paused to allow for further consultations with NACCIMA and other vital stakeholders. A joint committee will be formed to review the policy, and the rollout of the levy will be deferred accordingly,” the statement read.
Oye expressed gratitude to the Federal Government, particularly the Ministries of Industry, Trade and Investment, and Interior, for their willingness to engage in dialogue and consider the implications of the levy on the business community.
He urged investors to maintain confidence in Nigeria’s investment landscape, emphasizing the government’s commitment to supporting economic growth and creating an inviting atmosphere for both local and international investors.
“We advise all investors to continue with their business activities and investment plans in Nigeria with confidence. The government’s assurances reinforce its intent to enhance the investment landscape and support economic growth,” Oye stated.
The statement concluded with appreciation for stakeholders’ engagement and patience during this period of review and consultation.
