Nigerian manufacturers face further economic hurdles amid new employment levy

767 manufacturers shut down operations in 2023, with another 335 becoming distressed, amid economic challenges worsening Nigeria's investment climate
The Manufacturers Association of Nigeria condemned the new Expatriate Employment Levy, saying it contradicts the president's Renewed Hope Agenda
MAN stated the levy poses unintended consequences and additional costs for manufacturers already facing declines in capacity utilization and growth
The association worries the levy could trigger retaliatory measures against Nigerians working abroad and frustrate regional integration efforts
MAN urged the president to discontinue the Expatriate Employment Levy over concerns it may negatively impact foreign direct investment