FG Suspends Expatriate Employment Levy Implementation

The Federal Government has announced the suspension of the recently enacted Expatriate Employment Levy, a decision revealed in a statement by Dele Kelvin Oye, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture.

This move comes in the aftermath of a successful Trade and Investment outreach led by President Bola Ahmed Tinubu in Qatar, culminating in a constructive meeting with the Ministers of Industry, Trade and Investment, and Interior, namely Doris Aniete and Olubunmi Tunji-Ojo, respectively.

The decision to suspend the implementation was made following extensive consultations with key stakeholders, including the President of the Petroleum Technology Association, the President of the Special Economic Zones Association, and representatives from the European Union Trade delegation, among others.

Last Tuesday, President Tinubu had launched the Expatriate Employment Levy, which prompted criticism from various private sector groups, citing concerns over its potential impact on Foreign Direct Investment and the national currency.

However, the NACCIMA president, Dele Kelvin Oye, clarified, “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 will be formed to review the policy, including members from the Ministry of Industry, Trade and Investment, the Ministry of Interior, NACCIMA, and other stakeholders.

Expressing gratitude, Oye thanked the Federal Government for its understanding and willingness to engage in dialogue. He stated, “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.”

Investors were reassured by the NACCIMA president, urging them to proceed confidently with their business activities and investment plans in Nigeria. The government’s commitment to enhancing the investment landscape and supporting economic growth was emphasized during the negotiations.

In conclusion, stakeholders were acknowledged for their engagement and patience, marking a pivotal moment in the ongoing dialogue between the government and business communities.