National Telescope national telescope newspaper
President Bola Ahmed Tinubu has signed an executive order eliminating tariffs, excise duties, and value added tax (VAT) on imported pharmaceutical inputs.
The order targets machinery, equipment, and raw materials crucial for local pharmaceutical production. This move aims to lower production costs and boost the competitiveness of Nigerian manufacturers.
Included in the list of exempted items are Active Pharmaceutical Ingredients (APIs), excipients, and other essential raw materials needed for producing vital health products like drugs, syringes, needles, Long-lasting Insecticidal Nets (LLINs), and Rapid Diagnostic Kits.
The order also introduces market-shaping mechanisms such as framework contracts and volume guarantees to support local manufacturers.
Minister of Health, Ali Pate, stated that the order requires collaboration among the ministers of health, finance, industry, trade, and investment. This partnership will develop a harmonized implementation framework to speed up regulatory approvals and reduce bottlenecks.
Pate added that agencies like the Nigeria Customs Service (NCS), National Agency for Food and Drug Administration and Control (NAFDAC), Standard Organisation of Nigeria (SON), and Federal Inland Revenue Service (FIRS) will ensure quick implementation, with special waivers and exemptions in effect for two years.
