In a significant move, the Federal Government of Nigeria has halted the implementation of the contentious Expatriate Employment Levy (EEL), following intense criticism from private sector entities. The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), represented by its National President Dele Kelvin Oye, announced the suspension, citing fruitful discussions with key stakeholders and top government officials.
NACCIMA President Dele Kelvin Oye revealed that the decision to suspend the Expatriate Employment Levy came after fruitful deliberations during a Trade and Investment outreach led by President Bola Ahmed Tinubu in Qatar. Key figures present included Minister of Industry, Trade and Investment, Doris Aniete, and Minister of Interior, Olubunmi Tunji-Ojo. The move followed widespread condemnation from various industry players, including the President of the Petroleum Technology Association and the European Union Trade delegation head.
President Tinubu had initiated the levy’s launch just last week, stirring controversy and concern within the private sector. Critics argued that the levy would hinder much-needed Foreign Direct Investment crucial for stabilizing the economy.
However, NACCIMA’s announcement of the suspension indicates a willingness to engage in further dialogue and consultations. Oye confirmed the formation of a joint committee comprising representatives from key ministries and stakeholders to review the EEL policy, emphasizing a collaborative effort to address concerns raised by the business community.
Expressing gratitude, Oye acknowledged the government’s receptiveness to feedback and commitment to fostering a conducive environment for both local and international investors. He encouraged investors to maintain confidence in Nigeria’s investment landscape, assuring them of the government’s support for economic growth initiatives.
NACCIMA reiterated its dedication to partnering with the government to align policies with national economic objectives, reaffirming Nigeria’s status as a premier investment destination. Oye extended appreciation to all stakeholders for their engagement and patience throughout the process, emphasizing the importance of continued collaboration for sustainable economic development.
