The Federal Ministry of Interior has decided to suspend the implementation of the controversial Expatriate Employment Levy (EEL).
President Bola Ahmed Tinubu introduced the EEL on February 27, 2024.
The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye, announced the decision after a successful Trade and Investment outreach in Qatar led by President Tinubu. This decision followed a productive meeting with the Minister of Industry, Trade and Investment, Doris Aniete, and the Minister of Interior, Olubunmi Tunji-Ojo.
The meeting was also attended by 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 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,” the statement read.
One of the reasons given was that the levy would affect the Foreign Direct Investment needed by the current administration to stabilize the naira, which has been rapidly losing value.
However, the NACCIMA president announced the suspension of the levy, stating that this decision would enable more discussions with NACCIMA and other important parties. He also mentioned that a review committee would be formed.
“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,” the statement added.
“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.”
The statement expressed Oye’s gratitude towards the Federal Government, Ministry of Industry, Trade and Investment, and the Ministry of Interior for their generosity, cooperation, and openness to discussing and understanding the impact of the EEL on businesses.
“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 president of NACCIMA recommended that investors, whether they are already investing or thinking about it, should keep pursuing their business activities and investment plans in Nigeria confidently. He mentioned 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.”
