- Nigeria Customs Service announced a two-year exemption from import duty and VAT for pharmaceutical raw materials.
- The exemption applies to manufacturers recognized by the Federal Ministry of Health and Social Welfare with a valid Tax Identification Number.
- The policy aims to boost local production of healthcare products and reduce costs.
- Exempted items include Active Pharmaceutical Ingredients, excipients, and other essential raw materials.
- The Nigeria Customs Service will provide quarterly reports on importations under this policy.
- The initiative supports government policies and requires collaboration from stakeholders.
Source: regfollower.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.
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