FG Approves Tax Waivers On Imported Raw Materials For Pharmaceutical Products
The Nigeria Customs Service (NCS) on Wednesday announced the completion of a two-year tax relief for the importation of raw materials for pharmaceutical products.
The waiver, approved by President Bola Tinubu through the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, was disclosed by the National Public Relations Officer, Assistant Comptroller of Customs Abdullahi Maiwada.
The move seeks to enhance local manufacturing of healthcare products, reduce the costs of medical equipment and consumables, as well as stimulate local investments.
To actualise these objectives, Maiwada said 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)
He said, “Critical raw materials essential for the production of pharmaceutical products will be exempted from import duty and value-added tax (VAT) for two years.
“This exemption covers active pharmaceutical ingredients (APIs) and other vital raw materials required for manufacturing essential medicines, long-lasting insecticide 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 ensures that the benefits directly support legitimate manufacturers committed to strengthening Nigeria’s healthcare infrastructure.”
Maiwada assured Nigerians that the NCS will publish quarterly compliance reports detailing all importations under the policy, including data on importers, quantities, and values of imported items, to ensure its implementation aligns with its intended objectives.
FG Approves Tax Waivers On Imported Raw Materials For Pharmaceutical Products is first published on The Whistler Newspaper
