The Nigeria Customs Service, NCS has waived import duty and Value Added Tax, VAT on critical raw materials essential for pharmaceutical production for the next two years.
The agency’s Spokesperson, Abdullahi Maiwada, made this known in a statement on Wednesday, March 26 in Abuja.
Maiwada explained that the waiver was part of the comprehensive guidelines approved by Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, to actualise the objectives of the presidential directives.
According to him, this exemption covers Active Pharmaceutical Ingredients (APIs), excipients, and other vital raw materials required for manufacturing essential medicines, Long-Lasting Insecticidal Nets (LLINs), Rapid Diagnostic Kits, reagents, and packaging materials.
“To ensure that these fiscal incentives are fully utilised, eligibility is limited to manufacturers of pharmaceutical products recognised by the Federal Ministry of Health and Social Welfare, provided they possess a valid Tax Identification Number (TIN).
“This measure will ensure that the benefits directly support legitimate manufacturers committed to strengthening Nigeria’s healthcare infrastructure.”
The NCS spokesman also said that the Service would compile quarterly reports on all importations under this policy.