…Import Duty, VAT Exemptions Approved to Boost Pharmaceutical Production
The Nigeria Customs Service (NCS) has commenced the implementation of a presidential directive aimed at strengthening local manufacturing of healthcare products, reducing the cost of medical equipment and consumables, and attracting new investments into the sector.
Under the approval of His Excellency, President Bola Ahmed Tinubu, GCFR, and in line with the guidelines issued by the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, the NCS has rolled out a two-year exemption on import duty and Value Added Tax (VAT) for critical raw materials used in pharmaceutical production.
This exemption covers Active Pharmaceutical Ingredients (APIs), excipients, Long-Lasting Insecticidal Nets (LLINs), Rapid Diagnostic Kits, reagents, and packaging materials—ensuring that local manufacturers have access to essential inputs at reduced costs, thereby promoting affordable and accessible healthcare for Nigerians.
To guarantee the effective implementation of this fiscal incentive, only pharmaceutical manufacturers duly recognized by the Federal Ministry of Health and Social Welfare, and possessing a valid Tax Identification Number (TIN), will be eligible for the waivers. This measure is designed to channel the benefits directly to legitimate manufacturers committed to advancing Nigeria’s healthcare infrastructure.
In line with its commitment to transparency and accountability, the Nigeria Customs Service will generate quarterly reports detailing all importations under this policy. These reports will capture importer identities, quantities, and the value of imported goods, ensuring strict adherence to the policy’s objectives.
NCS Calls for Stakeholder Collaboration
Speaking on the initiative, Abdullahi Maiwada, Assistant Comptroller of Customs and National Public Relations Officer, reaffirmed the NCS’s commitment to supporting government policies while upholding its mandate to facilitate trade, enhance border security, and drive national development.
“The successful implementation of this policy requires the full cooperation of stakeholders, including importers, manufacturers, and relevant government agencies. Through collective efforts, we can achieve a resilient healthcare sector that meets the needs of all Nigerians,” Maiwada stated.
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