The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), in collaboration with key stakeholders, has made a significant announcement regarding the recently enacted Expatriate Employment Levy (EEL) by the Federal Ministry of Interior. The decision to temporarily suspend the implementation of the EEL comes in response to concerns raised by manufacturers and investors about its potential negative impact on investment in the country.
The EEL, announced in February 2024, faced widespread protests from various sectors, with stakeholders expressing fears that it could deter investors from Nigeria. Following extensive deliberations, a press statement released on Friday revealed that the decision to suspend the levy was reached after a meeting with the Honourable Minister of Industry, Trade, and Investment, and the Honourable Minister of Interior.
The meeting, attended by NACCIMA President Mr. Dele Oye and representatives from various associations and organizations, yielded several key agreements. Firstly, the implementation of the Expatriate Employment Levy will be paused to allow for further consultations with NACCIMA and other stakeholders. Additionally, 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.
NACCIMA expressed 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. Emphasizing the importance of creating an inviting atmosphere for both local and international investors, NACCIMA reaffirmed its dedication to collaborating with the government to ensure that policies align with the nation’s economic objectives, aiming to position Nigeria as a prime destination for investments.
In conclusion, NACCIMA advised all investors, both current and prospective, to continue with their business activities and investment plans in Nigeria with confidence, highlighting the ongoing efforts to address concerns and promote a conducive business environment.
