Customs Begins Implementation Of Zero Tariff On Imported Pharmaceutical Inputs
The Nigeria Customs Service (NCS) has begun the implementation of zero tax on imported pharmaceutical inputs for two years.
In a statement on Wednesday, customs said the implementation commenced after President Bola Tinubu approved comprehensive guidelines for the exemption of import duty and value-added tax (VAT) on critical raw materials used in the manufacturing of pharmaceutical products.
OSUN DEFENDER recalls that Tinubu had signed an executive order to introduce zero tax on imported pharmaceutical inputs.
Commenting on the policy on Wednesday, customs said, in line with the presidential directives to enhance local healthcare manufacturing, reduce production costs, and attract investments, the guidelines were approved by Tinubu through Wale Edun, minister of finance and coordinating minister of the economy.
NCS said the exemption will cover APIs, excipients, and other raw materials used in the production of essential medicines.
Others include long-lasting insecticidal nets (LLINs), rapid diagnostic kits, reagents, and packaging materials.
“In commitment to transparency and effective monitoring, the NCS will compile quarterly reports detailing all importations under this policy, including data on importers, quantities, and values of the imported items, ensuring the policy’s implementation aligns with its intended objectives,” the statement reads.
“The Nigeria Customs Service remains committed to supporting government policies while fulfilling its mandate to facilitate trade, enhance border security, and drive national development.”
The service said successful implementation of the policy requires collaboration from all stakeholders, including importers, manufacturers, and relevant government agencies.
NCS added that through collective efforts, stakeholders can achieve the shared goal of a robust healthcare sector that meets the needs of all Nigerians.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
