- President Bola Tinubu signed an executive order suspending tariffs, excise duties, and VAT on imported pharmaceutical machinery and inputs
- The initiative aims to rejuvenate Nigeria’s health sector and increase local production of healthcare products
- The order introduces zero tariffs, excise duties, and VAT on specified machinery, equipment, and raw materials
- It includes items like Active Pharmaceutical Ingredients, essential raw materials, and medical devices
- The order mandates collaboration among various ministries to develop an implementation framework
- Agencies like NCS, NAFDAC, SON, and FIRS will ensure swift implementation with waivers and exemptions for two years
- The order aims to encourage medical industrialization, reduce costs of medical products, create economic value, and enable job creation in the healthcare value chain.
Source: thewillnews.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
