President Bola Tinubu has suspended the implementation of the recently enacted Expatriate Employment Levy by the Federal Ministry of Interior, as administered by the Nigerian Immigration Service.
This was announced in a statement signed by the National President, of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Kelvin Oye, on Friday.
Oye stated that the resolution was taken following a successful trade and investment outreach led by Tinubu in Qatar and a productive meeting with the Minister of Industry, Trade, and Investment, Doris Aniete, and the Minister of Interior, Olubunmi Tunji-Ojo.
Others in attendance at the meeting include the President of the Petroleum Technology Association, the President of the Special Economic Zones Association, the Director General of the Nigerian Turkiye Business Council, the European Union Trade delegation head, the NACCIMA Chair of Digital Trade Group, and the representatives of the National Association of Small and Medium Scale Enterprises.
The statement read, “The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, in collaboration with key stakeholders, announces a temporary step down of the recently enacted Expatriate Employment Levy by the Federal Ministry of Interior, as administered by the Nigerian Immigration Service.”
Last week, on Tuesday, Tinubu launched the Expatriate Employment Levy.
However, the introduction of the levy attracted widespread condemnation from private sector groups.
Among other reasons, they said the levy will impact the much-needed foreign direct investment by the current administration to rein in the free fall of the naira.
However, in announcing the suspension, the NACCIMA president stated that the policy reversal would allow for additional consultations with NACCIMA and other key stakeholders and that a review committee would be established.
He added, “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.
“A joint committee comprising members of the Ministry of Industry, Trade, and Investment, the Ministry of Interior, NACCIMA, and other stakeholders will be formed to review the EEL policy.
“The rollout of the EEL, as initially proposed, will be deferred by the resolutions made.”
According to the statement, Oye also thanked the Federal Government of Nigeria, the Ministry of Industry, Trade, and Investment, and the Ministry of Interior for their generosity, understanding, and willingness to engage in dialogue and consider the EEL’s impact on the business community.
“This is indicative of their commitment to creating an inviting atmosphere for both local and international investors.
“NACCIMA and its partners remain dedicated to working hand in hand with the government to ensure that policies align with the nation’s economic objectives, aiming to position Nigeria as a prime destination for investments.”
The NACCIMA president also recommended present and potential investors continue with their business activities and investment plans in Nigeria with confidence, stressing that the government is prepared to improve the investment environment and promote economic growth.
“We advise all investors, both current and prospective, to continue with their business activities and investment plans in Nigeria with confidence.
“The assurances provided by both ministers during the negotiations have reinforced the Federal Government of Nigeria’s intent to enhance the investment landscape and support economic growth.
“We thank all stakeholders for their engagement and patience during this period.”
