Business

FG’ s Expatriate Employment Levy Policy Contradicts Int’l Trade Agreements – MAN

Published

3 years ago

March 6, 2024

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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

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.

Published

11 hours ago

November 3, 2026

OCHEFA

108369166 1790657472823 gettyimages 2274092462 AUSTRALIA RBA BULLOCK

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•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.

Business

MTN migrates MoMo Customers to Alipay+ platform

For Nigerian customers, the changes could mean faster transactions, improved payment reliability and expanded digital banking services as competition intensifies.

Published

11 hours ago

November 3, 2026

OCHEFA

14 Views

MTN Nigeria has begun moving MoMo Payment Services Bank customers to a new digital payment platform powered by Alipay+.

It’s fintech revenue fell 25.91% to ₦97.5 billion in the nine months ended September 2026.

The migration comes as monthly active MoMo users reached 3.2 million and transaction volumes rose 69.1%.

The migration followed a strategic partnership between MTN Group Fintech and Ant International, aimed at improving transaction speed, security and reliability.

MTN Nigeria Chief Executive Officer Karl Toriola said the upgraded infrastructure would provide a stronger foundation for expanding digital financial services.

For Nigerian customers, the changes could mean faster transactions, improved payment reliability and expanded digital banking services as competition intensifies.

Business

FG Secures $30m Grant from China for Grassroots Projects

Specific projects and beneficiary communities have not been announced.

Published

11 hours ago

November 3, 2026

OCHEFA

10 Views

•President Bola Tinubu

The Federal Government has secured a $30 million grant from China to finance grassroots development projects aimed at reducing poverty and improving living conditions.

The grant is worth about ₦43 billion, or RMB200 million.The agreement was signed on Thursday, October 29, 2026, at the Federal Ministry of Budget and Economic Planning in Abuja.

A ministry statement released on Sunday said the funding will support community-based projects under the Nigeria-China Development Cooperation framework.

The money will finance projects under China’s Small but Beautiful initiative.

The scheme focuses on affordable, community-driven interventions that deliver direct benefits to residents. It is expected to address development needs in underserved communities, including access to essential infrastructure and economic opportunities.

Specific projects and beneficiary communities have not been announced.