Business
FG’ s Expatriate Employment Levy Policy Contradicts Int’l Trade Agreements – MAN
The Manufacturers Association of Nigeria (MAN) has requested the Federal Government to reverse its new Expatriate Employment Levy Policy.
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” The EEL policy contradicts our international trade agreements and the obligations contained therein,” said MAN .
Segun Ajayi-Kadir, the Director-General of MAN, while reacting to the just imposed EEL Levy Policy, cited for instance that Nigeria is a signatory to the African Continental Free Trade Area [AfCFTA] agreement.
One of the pillars of the AfCFTA is the free movement of skilled labour across the continent, which is complemented by non-discriminatory measures against fellow Africans.
Quite importantly, this could trigger retaliatory measures against Nigerians working across Africa and other nations of the world; frustrates regional integration efforts and portray Nigeria as a spoiler among her peers.
He said: “The policy will surely undermine the administration’s determination to position Nigeria as an attractive global investment destination and may engender a cold welcome in Mr. President’s future foreign investment promotions endeavors, as well as undermine our efforts at becoming a hub for shared services center and business process outsourcing.
MAN posits that the rather punitive levy is already being perceived as a punishment imposed on investors for daring to invest in Nigeria and indigenous companies for employing needed foreign nationals.
It will deter multinational companies from either investing in Nigeria or setting up regional headquarters in the country.
Also, the levy will make Nigeria a more expensive location for global expertise that international companies require for their operations.
“Overall, we risk slowing down knowledge and skills transfer to Nigerians and undermining a key avenue for the country to move up the technology ladder.
We are equally worried that the imposition of such a levy that could have far reaching implications for our national economy and potentially exert pressure on our national currency could be introduced through a Handbook, rather than a law enacted by the National Assembly.
This levy, if not reversed, may expose the Federal Government to a plethora of lawsuits that will distract Government from the task of salvaging the current dire situation of our economy.”
Business
NNPCL wants to sell 10% equity via IPO on NGX, LSE
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.
The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.
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₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
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₦2300 West African CFA F.(XOF)
₦2200 Central African CFA F.(XAF)
₦850 Australian Dollar AUSSIE (AUD)
OFFICIAL CBN EXCHANGE RATES
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JAPANESE YEN (JPN)₦8.52
West African CFA FRANC (XOF)₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03
CHINESE YUAN (CNY)₦201.92
SAUDI RIYAL (SAR)₦359.15
SOUTH AFRICAN RAND (ZAR)₦81.37
Business
Australia hikes rates to 18-year high to fight inflation
The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.
•Michele Bullock, governor of the Reserve Bank of Australia (RBA), during a news conference at the central bank’s head office in Sydney, Australia, on Tuesday, May 5, 2026. Photographer: Brendon Thorne/Bloomberg via Getty Image.
Australia’s central bank Tuesday raised its key interest rate to a 18-year high , citing the prolonged war in the Middle East and persistent inflationary pressures.
In a statement, the Reserve Bank of Australia said it would lift its cash rate by 25 basis points to 4.85 percent.
“Inflation remains elevated,” it said. “This partly reflects higher fuel and other commodity prices affected by the conflict in the Middle East.”
“AI-related investment is driving rapid growth in prices for technology-related goods, and inflation in many goods and services remains high.”
The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.
It brings rates to their level seen since late 2008, at the height of the global financial crisis.
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