₦airaland Forum

The Nigeria Customs Service has announced a two-year exemption from import duty and Value Added Tax for critical raw materials essential for the production of pharmaceuticals.

The exemption, granted under a presidential executive order, was disclosed on Wednesday in a statement issued by the NCS National Public Relations Officer, Assistant Comptroller Abdullahi Maiwada.

Maiwada specified that the relief covers active pharmaceutical ingredients and other essential raw materials needed for producing medicines, long-lasting insecticidal nets, rapid diagnostic kits, reagents, and packaging materials.

The statement read, “Drawing from Presidential directives aimed at enhancing local manufacturing of healthcare products, reducing the costs of medical equipment and consumables, as well as stimulating local investments.

The Nigeria Customs Service is pleased to announce that President Bola Tinubu, through the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, has approved the comprehensive guidelines to actualise these objectives.

“Consequently, critical raw materials essential for the production of pharmaceutical products will be exempted from import duty and Value Added Tax for a period of two years. This exemption covers Active Pharmaceutical Ingredients, excipients, and other vital raw materials required for manufacturing essential medicines, Long-Lasting Insecticidal Nets, Rapid Diagnostic Kits, reagents, and packaging materials.”

Maiwada said to ensure that these fiscal incentives are fully utilised, eligibility is limited to manufacturers of pharmaceutical products recognised by the Federal Ministry of Health and Social Welfare, provided they possess a valid Tax Identification Number.

This measure ensures that the benefits directly support legitimate manufacturers committed to strengthening Nigeria’s healthcare infrastructure.

The statement further noted that in commitment to transparency and effective monitoring, the NCS will compile quarterly reports detailing all importations under this policy, including data on importers, quantities, and values of the imported items, ensuring the policy’s implementation aligns with its intended objectives.

The NCS, according to the statement, remains committed to supporting government policies while fulfilling its mandate to facilitate trade, enhance border security, and drive national development.

“In commitment to transparency and effective monitoring, the NCS will compile quarterly reports detailing all importations under this policy, including data on importers, quantities, and values of the imported items, ensuring the policy’s implementation aligns with its intended objectives.

“The Nigeria Customs Service remains committed to supporting government policies while fulfilling its mandate to facilitate trade, enhance border security, and drive national development.

“Successful implementation of this policy requires collaboration from all stakeholders, including importers, manufacturers, and relevant government agencies. Through our collective efforts, we can achieve the shared goal of a robust healthcare sector that meets the needs of all Nigerians,” the statement concluded.

zero8zero:
Slow and steady, those bunch of illiterates that does not understand basic economics are looking for magic after decades of rot. Also, remember that FG is giving free treatments of Obstetric and VVF throughout the states. God bless Nigeria, God bless President Tinubu.

zero8zero:
Slow and steady, those bunch of illiterates that does not understand basic economics are looking for magic after decades of rot. Also, remember that FG is giving free treatments of Obstetric and VVF throughout the states. God bless Nigeria, God bless President Tinubu.

zero8zero:
Slow and steady, those bunch of illiterates that does not understand basic economics are looking for magic after decades of rot. Also, remember that FG is giving free treatments of Obstetric and VVF throughout the states. God bless Nigeria, God bless President Tinubu.

zero8zero:
Slow and steady, those bunch of illiterates that does not understand basic economics are looking for magic after decades of rot. Also, remember that FG is giving free treatments of Obstetric and VVF throughout the states. God bless Nigeria, God bless President Tinubu.

zero8zero:
Slow and steady, those bunch of illiterates that does not understand basic economics are looking for magic after decades of rot. Also, remember that FG is giving free treatments of Obstetric and VVF throughout the states. God bless Nigeria, God bless President Tinubu.

zero8zero:
Slow and steady, those bunch of illiterates that does not understand basic economics are looking for magic after decades of rot. Also, remember that FG is giving free treatments of Obstetric and VVF throughout the states. God bless Nigeria, God bless President Tinubu.

zero8zero:
Slow and steady, those bunch of illiterates that does not understand basic economics are looking for magic after decades of rot. Also, remember that FG is giving free treatments of Obstetric and VVF throughout the states. God bless Nigeria, God bless President Tinubu.

chicfarmer:
Very commendable, at least prices of medicines will reduce.