Economy
Don’t Allow Expatriate Employment Levy Hinder FDIs Inflows—LCCI
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has called for a balanced approach from the federal government to ensure the proposed expatriate employment levy does not negatively impact inflows of Foreign Direct Investments (FDIs).
The advice followed the government’s announcement of an Expatriate Employment Levy (EEL) which will require firms that employ foreigners to pay $15,000 for a director and $10,000 for other employees.
The Director General of the LCCI, Mrs Chinyere Almona, speaking on Tuesday in Lagos said this call was to ensure the levy does not become an inhibition to attracting and retaining foreign investments, crucial for economic growth.
The Bola Tinubu-led government on February 27, announced the mandatory annual levy for organisations employing expatriate workers, which it rationalised is to encourage foreign companies to employ more Nigerian workers.
Mrs Almona noted that the policy is aimed at addressing wage gaps between expatriates and the Nigerian labour force while encouraging skills transfer and employment of qualified Nigerians in foreign-owned companies.
She, however, stated the need for a balanced approach to expatriate employment and its potential impact on FDI inflows.
She said while the LCCI fully supports government policies that enhance the profile of the business environment, and generate more revenue for the government, there were concerns about likely perception by foreign investors.
Mrs Almona said the perception that the Nigerian government was not accommodating to foreign workers was harmful to the country’s drive for FDI inflows.
She said the EEL might trigger the relocation of foreign companies to neighbouring countries that presented a more conducive and less expensive environment for business.
She added that the policy might likely spark retaliatory actions by other countries by imposing levies on foreigners and particularly, targeting Nigerian workers, hence, affecting diaspora remittances.
“With the drive for FDIs in Nigeria, we need a conducive business environment to attract these kinds of investments into the country.
“Capital importation into Nigeria in the fourth quarter of 2023 stood at $1.088 billion out of which only 16.90 per cent (or $184 million) came in as FDI.
“We call on the government to consider exempting sectors that require unique skill sets for projects carried out in the country, especially in construction, and other sectors where we have a critical shortage of supply of goods to meet rising demand.
“In sectors where the country cannot boost the supply of critical products like food, cement, drugs, and other agricultural inputs, we urge the government to charge concessionary or exempt manufacturers in these fields to encourage them to come in and boost the supply of such scarce products,” she said.
The LCCI head added that imposition of the levy meant that expatriates would be subjected to two administrative procedures to procure the Combined Expatriate Residence Permit and Allien Card (CERPAC) permit.
She said that having two procedures meant more human interfaces, more bureaucracy and more application costs.
“We recommend that the government should continue to work with already established and functional CERPAC, with provision for yearly or regular reviews in rates according to internationally accepted rates.
“This way, we present our economy as open for business,” she said.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
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