President Bola Ahmed Tinubu has signed an executive order to increase local production of healthcare products.
The order introduces zero tariffs, zero excise duties, and VAT on specified machinery, equipment, and raw materials, aiming to reduce production costs and enhance our local manufacturers’ competitiveness.
Specified items include active pharmaceutical ingredients (#APIs), excipients, other essential raw materials required for the manufacturing of crucial health products such as drugs, syringes and needles, long-lasting insecticidal nets (#LLINs) and rapid diagnostic kits.
The Minister of Justice and Attorney General of the Federation, Prince Lateef Fagbemi, will now take the next steps by codifying the new Order