In a major boost for Nigeria's healthcare sector, the Nigeria Customs Service (NCS) has announced a two-year exemption from import duties and Value Added Tax (VAT) on critical raw materials essential for pharmaceutical production.
The exemption, approved under a presidential executive order, is aimed at reducing production costs, enhancing local drug manufacturing, and improving access to essential medicines.
To strengthen Nigeria's healthcare infrastructure, the tax relief covers active pharmaceutical ingredients (APIs), excipients, reagents, long-lasting insecticidal nets, rapid diagnostic kits, and packaging materials.
This policy is expected to significantly lower the cost of medical supplies and encourage investment in the local pharmaceutical industry.
The exemption applies exclusively to pharmaceutical manufacturers recognized by the Federal Ministry of Health and Social Welfare and who possess a valid Tax Identification Number (TIN).
The Nigeria Customs Service has pledged strict oversight, ensuring that only legitimate businesses benefit from the policy to prevent abuse and misallocation of incentives.
To ensure accountability, the NCS will compile and publish quarterly reports detailing all imports under the policy, including information on importers, quantities, and values of the imported materials.
This transparency measure aims to align the policy's execution with its objective of bolstering local drug production and improving healthcare accessibility.
The Nigeria Customs Service reaffirmed its commitment to facilitating trade, enhancing border security, and driving national development, urging all stakeholders—including manufacturers, importers, and government agencies—to work together for the successful implementation of the policy.
The collective effort, it emphasized, would help build a resilient and self-sufficient pharmaceutical industry capable of meeting the medical needs of Nigerians.
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In a major boost for Nigeria's healthcare sector, the Nigeria Customs Service (NCS) has announced a two-year exemption from import duties and Value Added Tax (VAT) on critical raw materials essential for pharmaceutical production.
The exemption, approved under a presidential executive order, is aimed at reducing production costs, enhancing local drug manufacturing, and improving access to essential medicines.
To strengthen Nigeria's healthcare infrastructure, the tax relief covers active pharmaceutical ingredients (APIs), excipients, reagents, long-lasting insecticidal nets, rapid diagnostic kits, and packaging materials.
This policy is expected to significantly lower the cost of medical supplies and encourage investment in the local pharmaceutical industry.
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The exemption applies exclusively to pharmaceutical manufacturers recognized by the Federal Ministry of Health and Social Welfare and who possess a valid Tax Identification Number (TIN).
The Nigeria Customs Service has pledged strict oversight, ensuring that only legitimate businesses benefit from the policy to prevent abuse and misallocation of incentives.
To ensure accountability, the NCS will compile and publish quarterly reports detailing all imports under the policy, including information on importers, quantities, and values of the imported materials.
This transparency measure aims to align the policy's execution with its objective of bolstering local drug production and improving healthcare accessibility.
The Nigeria Customs Service reaffirmed its commitment to facilitating trade, enhancing border security, and driving national development, urging all stakeholders—including manufacturers, importers, and government agencies—to work together for the successful implementation of the policy.
The collective effort, it emphasized, would help build a resilient and self-sufficient pharmaceutical industry capable of meeting the medical needs of Nigerians
