BREAKING: Customs Begins Implementation Of Zero Tax On Imported Pharmaceutical Inputs

The Nigeria Customs Service (NCS) has commenced the implementation of zero tariffs, excise duties and value-added tax (VAT) on imported pharmaceutical inputs for two years.

Naija News reports that the latest development follows President Bola Tinubu’s approval.

In a statement on Wednesday, Customs said the implementation commenced after Tinubu directed comprehensive guidelines for the exemption of import duty and value-added tax (VAT) on critical raw materials used in manufacturing pharmaceutical products.

Commenting on the policy, Customs said that in line with the presidential directives to enhance local healthcare manufacturing, reduce production costs, and attract investments, the guidelines were approved by Tinubu through the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

NCS said the exemption will cover APIs, excipients, and other raw materials used in the production of essential medicines.

Others include long-lasting insecticidal nets (LLINs), rapid diagnostic kits, reagents, and packaging materials.

The statement added, “In commitment to transparency and effective monitoring, the NCS will compile quarterly reports detailing all importations under this policy, including data on importers, quantities, and values of the imported items, ensuring the policy’s implementation aligns with its intended objectives,” the statement reads.

“The Nigeria Customs Service remains committed to supporting government policies while fulfilling its mandate to facilitate trade, enhance border security, and drive national development.”