The Nigeria Customs Service (NCS) has started enforcing a two-year exemption on import duties and Value Added Tax (VAT) for crucial pharmaceutical raw materials.
This was disclosed in a statement on Wednesday by the NCS National Public Relations Officer, Abdullahi Maiwada.
This policy, approved by President Bola Tinubu, aims to boost local pharmaceutical manufacturing and lower healthcare costs.
According to the NCS spokesperson, Abdullahi Maiwada, the exemption covers Active Pharmaceutical Ingredients (APIs), excipients, raw materials for essential medicines, Long-Lasting Insecticidal Nets (LLINs), Rapid Diagnostic Kits, reagents, and packaging materials.
The initiative is meant to reduce production costs and attract investments in the healthcare sector.
NCS will ensure transparency by providing quarterly reports on all imports made under this policy, detailing the importers, quantities, and values.
The service emphasized that successful implementation requires cooperation from stakeholders such as importers, manufacturers, and government agencies
News Edited by Success Maduagwu Nmesoma