The Nigeria Customs Service (NCS) has begun implementing a two-year exemption on import duties and Value Added Tax (VAT) for key pharmaceutical raw materials. Approved by President Bola Tinubu, the policy aims to support local pharmaceutical manufacturers, lower production costs, and reduce medicine prices. The exemption covers Active Pharmaceutical Ingredients (APIs), excipients, Long-Lasting Insecticidal Nets (LLINs), Rapid Diagnostic Kits, reagents, and packaging materials.
NCS spokesperson Abdullahi Maiwada stated that the agency will ensure transparency by compiling quarterly reports on imports under this policy, including details on importers, quantities, and values of imported items. This initiative aligns with the government’s efforts to boost local healthcare manufacturing, attract investment, and improve access to affordable medicines while maintaining trade facilitation and border security…