Business
Two-Year Tax Waiver Granted for Pharmaceutical Raw Materials
The Nigeria Customs Service has announced a temporary exemption from import duties and VAT for key raw materials used in the production of pharmaceuticals.
This policy, which will be in effect for two years, is aimed at fostering local manufacturing and reducing healthcare costs.
Assistant Comptroller Abdullahi Maiwada disclosed that the exemption covers active pharmaceutical ingredients, excipients, reagents, packaging materials, and materials needed for items such as long-lasting insecticidal nets and diagnostic kits. Only manufacturers recognized by the Ministry of Health and holding valid Tax Identification Numbers will qualify for this relief.
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The Customs Service emphasized its commitment to transparency, pledging to release quarterly reports that detail all imports benefiting from the exemption. This initiative aligns with broader efforts to strengthen Nigeria’s healthcare system and support legitimate producers.