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.”
