In response to widespread criticism and concerns raised by private sector groups, the Federal Government of Nigeria has decided to suspend the implementation of the recently enacted Expatriate Employment Levy.
The decision comes after a successful Trade and Investment outreach led by President Bola Ahmed Tinubu in Qatar and subsequent meetings with key ministers.
The suspension was announced in a statement signed by Dele Kelvin Oye, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA). Oye revealed that the resolution to temporarily step down the levy was reached following a productive meeting with the Minister of Industry, Trade and Investment, Doris Aniete, and the Minister of Interior, Olubunmi Tunji-Ojo.
The meeting, attended by various stakeholders, aimed to address the concerns raised by the private sector regarding the potential negative impact of the Expatriate Employment Levy on Foreign Direct Investment and the broader economy. President Tinubu launched the levy last week, triggering a wave of criticism from business groups.
In the statement, Oye explained, “It was unanimously agreed that the implementation of the Expatriate Employment Levy will be paused, allowing for further consultations with NACCIMA and other vital stakeholders.” He added that a joint committee would be formed, comprising members of the Ministry of Industry, Trade and Investment, the Ministry of Interior, NACCIMA, and other stakeholders, to review the policy.
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The NACCIMA president expressed gratitude to the Federal Government for its understanding and willingness to engage in dialogue, indicating a commitment to creating an inviting atmosphere for both local and international investors. Oye urged investors to proceed with their business activities and investment plans in Nigeria with confidence, emphasizing the government’s dedication to enhancing the investment landscape and supporting economic growth.
The suspension of the Expatriate Employment Levy marks a temporary reprieve for businesses and investors, as the government seeks to address concerns and ensure that policies align with the nation’s economic objectives. The decision reflects a collaborative effort to balance the needs of the business community with the government’s commitment to fostering economic growth and creating a favorable investment climate.
