The grant draws attention from expats, as the Minister of Interior, Rauf Aregbesola, in an interview, mentioned that from the allowance creation in August 2019 until 2021, the Ministry has already handled 14,690 companies and granted 126,893 quota licenses to expatriates.
Whether for its abundant raw materials, highly skilled and affordable workforce or for being the largest market for goods and services in Africa, Nigeria can be a great place for settling down as an expat. According to the minister, return on investment has always been “mouth-watering”.
The most intense challenge for expats in Nigeria is the gap between security and the economy, which is admitted by the Minister, Aregbesola, who points out security as a critical part of economic production. The security issue is a factor that the government is addressing all over the country as they are concerned about national security for people and lands; they aim to improve life security and property.
Why the country needs expats amid the pandemic?
Even though Nigeria is endowed with natural resources, before the pandemic, the Nigerian economy was growing at a rate of just 2%. The country has also been suffering from poverty and unemployment rates. There was a leap in profit during the pandemic considering their economic history. Therefore, threatened by this insecurity, farmers have been increasingly abandoning their land, leading to a higher cost of food.
Within this context, Nigeria's President Muhammadu Buhari launched an economic plan designed to mitigate the impact of the COVID-19 pandemic. The sustainable economy plan has two pillars: job creation and infusion of cash. The project for granting expat workers with the N10000 quota is part of these two pillars. The government aims to create jobs and have investments from international companies and professionals.
Nigeria is considerably improving the ease of doing business and minimizing hindrances for opening a company or a chain in the country. Due to its economic characteristics, Nigeria might target expats interested in making investments and working in agriculture and its processing, manufacturing, renewable energy, housing and information technology. It also may include expatriates willing to invest more than average in the country, providing the “survival funds” for medium and small-scale enterprises.
In the post-COVID-19 era, what Nigeria urgently looks for are initiatives and projects that instantaneously infuse greats amounts of dollars by investments from expats as individuals, retail, traders, small enterprises and corporations.
How does the quota work?
The Nigerian Immigration permits any foreigner to move to the country if they are seeking employment or a work permit in Nigeria. However, they must obtain the consent of the Comptroller General of Immigration and pay a quota. Although, any company or organization licensed to carry out business operations or approved activity, which meets the basic requirements, can apply for and be granted an EQ.
As it works in other countries, as in Spain, the quota scheme is designed to prevent the indiscriminate employment of expatriates where there are qualified natives to fill those positions.
There is also an Expatriate Quota for Nigerian companies interested in hiring expats. There is a limitation in the number of hired expats. The enterprise permit works for an initial period of 3 years; however, it can be renewed for two years.
Why work in Nigeria?
For expats interested in working in agriculture roles, Nigeria is a major producer of many products, including cocoa, peanuts and palm oil. Agriculture is one of the most important motors for the Nigerian economy. Besides, the country has a lot of oil reserves and mining activities. It also ranks 27th worldwide and first in Africa in services' output.
Most of the immigrants who work in Nigeria are from western African countries. However, since the native language is English, there are expats from all around the globe. In terms of seizing free time, an expat living in Nigeria can have a diversity of options. The country is a centre for hosting inclusive social events due to its many ethnic groups. Still, fun activities can also include visiting rain forests, savannas, enjoying waterfalls, and many other natural attractions.
