In a recent development, the federal government has decided to suspend the $10,000 and $15,000 expatriate levy imposed on employers. This decision was announced in a statement signed by the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye, on Friday, March 8.
The suspension comes after a successful Trade and Investment outreach led by President Bola Ahmed Tinubu in Qatar, followed by a productive meeting with the Minister of Industry, Trade and Investment, Doris Aniete, and the Minister of Interior, Olubunmi Tunji-Ojo.
The levy, which was launched on February 27, 2024, faced widespread condemnation from private sector groups. The NACCIMA, along with other stakeholders, announced the temporary suspension of the levy to allow for further consultations and the constitution of a review committee.
The NACCIMA president emphasized that the policy reversal was necessary to protect the much-needed Foreign Direct Investment by the current administration and to support the stability of the naira. The announcement reassured investors, both current and prospective, to continue their business activities and investment plans in Nigeria with confidence.
The federal government's decision to suspend the expatriate levy demonstrates its commitment to enhancing the investment landscape and supporting economic growth in Nigeria.
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