By Sabiu Abdullahi
The Nigeria Customs Service (NCS) has announced the implementation of a Presidential Executive Order aimed at strengthening local production of healthcare products, which will reduce the cost of medical equipment and consumables.
According to the NCS, President Bola Ahmed Tinubu approved the guidelines for this initiative through the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.As part of the directive, the government has granted a two-year exemption from import duty and Value Added Tax (VAT) on essential raw materials used in pharmaceutical production.
These include Active Pharmaceutical Ingredients (APIs), excipients, and other key materials required for manufacturing essential medicines, Long-Lasting Insecticidal Nets (LLINs), Rapid Diagnostic Kits, reagents, and packaging materials.
To ensure that only qualified manufacturers benefit from these incentives, eligibility is restricted to pharmaceutical producers recognised by the Federal Ministry of Health and Social Welfare.
Additionally, such manufacturers must possess a valid Tax Identification Number (TIN).In a move to enhance transparency and accountability, the NCS will generate quarterly reports detailing all importations under the policy.
These reports will include information on importers, quantities, and the value of imported items to ensure proper oversight.Reaffirming its commitment to supporting government policies, the NCS emphasised its role in trade facilitation, border security, and national development.
It also called on all stakeholders, including importers, manufacturers, and relevant government agencies, to collaborate in ensuring the success of this initiative.
“The 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,” the statement read.