LCCI Calls Cybersecurity Levy Unjustifiable, Stresses Burden on Businesses
The Lagos Chamber of Commerce and Industry (LCCI) has expressed concerns regarding the recent directive from the Central Bank of Nigeria (CBN) imposing a 0.5% cyber security levy on Nigerians. Dr. Chinyere Almona, the Director-General of LCCI, emphasized that implementing this levy would impose additional burdens on businesses and individuals, especially amidst ongoing power supply issues.
Almona highlighted that the directive’s timing is unfavorable, particularly in light of the recent electricity tariff reviews, which have not translated into significant improvements in power supply. She urged the government to reconsider the directive’s implementation and recommended amendments to the enabling law, emphasizing the need for further consultations with critical stakeholders.
The statement from LCCI underscored the economic challenges individuals and businesses face, including rising production costs and weakening purchasing power due to inflation. Almona questioned the justification for collecting the levy, especially considering it may not guarantee cyber-attack protection. Additionally, concerns were raised about potential confusion regarding transaction exemptions and the impact on the cashless policy.
The LCCI called for government initiatives to support economic growth, such as investment in digital infrastructure and programs to revitalize the economy. Almona also noted that directing the levy’s remittance to the Office of the National Security Adviser raises questions about how the funds will be utilized to enhance cybersecurity architecture.
Overall, the LCCI’s statement reflects concerns about the potential adverse effects of the cyber security levy on businesses, individuals, and the broader economy, emphasizing the need for careful consideration and stakeholder engagement in policy implementation.
