The Federal Government has granted Value Added Tax (VAT) and import duty exemption to raw materials essential for the production of pharmaceutical products.
National Public Relations Officer of the Nigerian Customs Service (NCS) Assistant Comptroller of Customs, Abdullahi Maiwada, broke the news in a statement on Wednesday.
He said: ” Consequently, critical raw materials essential for the production of pharmaceutical products will be exempted from import duty and Value Added Tax (VAT) for a period of two years.”
The Federal Government has granted Value Added Tax (VAT) and import duty exemption to raw materials essential for the production of pharmaceutical products.
National Public Relations Officer of the Nigerian Customs Service (NCS) Assistant Comptroller of Customs, Abdullahi Maiwada, broke the news in a statement on Wednesday.
He said: ” Consequently, critical raw materials essential for the production of pharmaceutical products will be exempted from import duty and Value Added Tax (VAT) for a period of two years.”
This measure ensure that the benefits directly support legitimate manufacturers committed to strengthening Nigeria’s healthcare infrastructure.
The statement further noted that 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 NCS, according to the statement, remains committed to supporting government policies while fulfilling its mandate to facilitate trade, enhance border security, and drive national development.
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 Nation)
