Business

Nigeria Announces Suspension Of Expatriate Employment Levy

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), in collaboration with key stakeholders, has announced the temporary suspension of the recently enacted Expatriate Employment Levy (EEL) by the Federal Ministry of Interior.

The implementation of the EEL was announced in February 2024, where it garnered protests from several manufacturers and investors, as they complained that the levy will drive investors away from the country.

In a press statement released on Friday, it was revealed that the decision came after a meeting was held on Friday with the Honourable Minister of Industry, Trade, and Investment and the Honourable Minister of Interior.

Attending the meeting alongside the president of NACCIMA, Mr. Dele Oye, were representatives from various associations and organizations, including the Petroleum Technology Association, Special Economic Zones Association, The Nigerian Turkiye Business Council, European Union Trade delegation, NACCIMA Chair of Digital Trade Group, and representatives of the National Association of Small and Medium Scale Enterprises (NASME).

The consensus reached in the meeting resulted in the following agreements: 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 in accordance with the resolutions made.

Expressing gratitude to the Federal Government of Nigeria, the Ministry of Industry, Trade and Investment, and the Ministry of Interior for their understanding and willingness to engage in dialogue, NACCIMA emphasized the importance of creating an inviting atmosphere for both local and international investors.

The statement read, “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.”

Furthermore, NACCIMA advised all investors, both current and prospective, to continue with their business activities and investment plans in Nigeria with confidence.

Ozioma Samuel-Ugwuezi