The price of drugs drops when customs will start the implementation of zero-tariff on pharmaceutical products

Nigeria Customs Service (NCS) has begun implementation of two years of exemption for the import duty and value added tax (VAT) for the main pharmaceutical raw materials.

This step is expected to be translated into a cheaper pharmaceutical product in this country.

National public relations officer for NCS, Abdullahi Maiwada, revealed this in a statement on Wednesday in Abuja.

Maiwada, Customs and Excise Assistant, said the policy followed the approval of the Guidelines for the President of the Tinubu Bola to support local pharmaceutical companies and reduce health care costs.

He said the tax exemption applies to active pharmaceuticals (API), eczimen, and other essential raw materials used in producing drugs, durable insecticide nets, fast diagnostic kit, reagent, and packaging material.

The move, according to the spokesman, was in line with the direction of the President to increase local health care manufacturing, reduce production costs, and attract investment.

The statement reads: “In a commitment to effective transparency and monitoring, NCS will prepare quarterly reports that detailed all imports based on this policy, including data on importers, quantities, and values ​​of imported goods, ensuring the implementation of policies in line with the intended objectives.

“Nigerian Customs Services remain committed to supporting government policies while fulfilling their mandate to facilitate trade, increase border security, and encourage national development.”

By: Babajide Okeowo

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