Nigeria Customs Waive Import Duty on Pharmaceutical Raw Materials
The Nigeria Customs Service (NCS) has waived import duty and Value Added Tax (VAT) on critical raw materials essential for pharmaceutical production for a period of two years. Its Spokesperson, Abdullahi Maiwada, made this known in a statement on Wednesday in Abuja.
Maiwada explained that the waiver aligned with the Presidential directives to enhance local healthcare product manufacturing, reduce costs of medical equipment and consumables, and stimulate local investments.
He said that the waiver was part of the comprehensive guidelines approved by Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, to actualise the objectives of the presidential directives.
According to him, this exemption covers Active Pharmaceutical Ingredients (APIs), excipients, and other vital raw materials required for manufacturing essential medicines, Long-Lasting Insecticidal Nets (LLINs), Rapid Diagnostic Kits, reagents, and packaging materials.
“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 (TIN).
“This measure will ensure that the benefits directly support legitimate manufacturers committed to strengthening Nigeria’s healthcare infrastructure.” The NCS spokesman also said that the Service would compile quarterly reports on all importations under this policy.
He said these would include data on importers, quantities, and values of the imported items, adding that this was with a view to ensuring that the implementation aligned with its intended objectives.
According to him, the reports reflect its commitment to transparency and the effective monitoring of the policy’s implementation to ensure its success. “The NCS 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.” #Nigeria Customs Waive Import Duty on Pharmaceutical Raw Materials Seplat Energy Trades Flat Despite Price Sensitive Corporate Actions
