Thursday, 27 March 2025 04:41

Nigeria Customs announces two-year tariff exemption for pharmaceutical raw materials

Rate this item
(0 votes)

The Nigeria Customs Service (NCS) has announced a two-year exemption from import duty and Value Added Tax (VAT) for critical raw materials used in pharmaceutical production, as part of a presidential initiative to boost local healthcare manufacturing.

Key Details of the Exemption

The tariff relief, authorized by President Bola Tinubu and implemented through the Minister of Finance, Olawale Edun, covers:

- Active Pharmaceutical Ingredients

- Excipients

- Packaging materials

- Long-Lasting Insecticidal Nets

- Rapid Diagnostic Kits

- Reagents

Eligibility Criteria

The exemption is specifically targeted at:

- Manufacturers recognized by the Federal Ministry of Health and Social Welfare

- Companies with a valid Tax Identification Number

Monitoring and Transparency

The Nigeria Customs Service has committed to:

- Compiling quarterly reports on importations

- Tracking details of importers, quantities, and values of imported items

- Ensuring the policy meets its intended objectives of strengthening local healthcare infrastructure

Purpose of the Initiative

The government aims to:

- Reduce the cost of medical equipment and consumables

- Stimulate local investments

- Enhance local manufacturing of healthcare products

NCS National Public Relations Officer, Assistant Comptroller Abdullahi Maiwada, emphasized that the policy requires collaboration from importers, manufacturers, and government agencies to successfully develop Nigeria's healthcare sector.

The exemption will be in effect for two years, providing a significant opportunity for local pharmaceutical manufacturers to expand and improve healthcare product production.

May 01, 2025

Oil prices record steepest monthly decline since 2021

Oil prices settled down on Wednesday and recorded the largest monthly drop in almost 3-1/2…
May 01, 2025

Appeal Court upholds conviction of professor who rigged election for Akpabio amid public outrage

The Court of Appeal in Calabar has upheld the conviction and three-year prison sentence of…
April 29, 2025

How African popes changed Christianity - and gave the world Valentine's Day

Now predominantly Muslim, North Africa was once a Christian heartland, producing Catholic popes who left…
April 26, 2025

Declassified CIA file about UFO aliens attacking soldiers released

A declassified document posted to the CIA’s website is raising eyebrows with claims of an…
April 29, 2025

At least 26 people killed as 2 vehicles run over bomb planted by Boko Haram…

At least 26 people were killed on Monday when two vehicles detonated an improvised explosive…
May 01, 2025

What to know after Day 1162 of Russia-Ukraine war

WESTERN PERSPECTIVE Russians fighting more intensely despite ceasefire talk, Ukrainian commander says Russian forces have…
April 27, 2025

Smartphone use could reduce dementia risk in older adults, study finds

The first generation that has been exposed consistently to digital technology has reached the age…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.