Tax exemption will propel local production of medicines, says group

The Tinubu Stakeholders Forum (TSF) on Thursday commended President Bola Tinubu’s signing of an executive order aimed at increasing local production of pharmaceuticals, diagnostics, and other healthcare products..

The TSF, a social political group, in a  statement jointly signed by its Chairman, Ahmad Sajoh and its Secretary, Afolabi Josiah in Abuja, said Tinubu’s decision will enhance local production of pharmaceutical products.

“Like many Nigerians, we are excited over the new Executive Order

which seeks to reduce Nigeria’s dependence on imported drugs, foster innovation, and create job opportunities within the pharmaceutical industry.

“it is no surprise that stakeholders, including the National Agency for Food and Drug Administration and Control (NAFDAC), have praised this decisive action, recognising its potential to transform the healthcare landscape in Nigeria.

“We fully support this progressive initiative and urge relevant government agencies to expedite its implementation”, the forum said.

The forum noted that by boosting local pharmaceutical production, Nigeria could significantly reduce its reliance on imported medicines and ensure a more secured and sustainable supply of essential drugs.

According to the forum, this will improve accessibility and affordability of drugs for all Nigerians.

”The Executive Order is poised to catalyse the growth of the local pharmaceutical industry, creating numerous jobs and fostering economic development.

“For us, this will boost local production of drugs and also enhance Nigeria’s export potential in the pharmaceutical sector as well as encourage local production and drive innovation within the pharmaceutical industry.

“This will also lead to the development of new and improved medications.”

The forum expressed optimism that the process would check the illegal importation of fake and adulterated drugs which some unpatriotic elements engaged in for criminal profiteering.

The forum called on the business community to take advantage of the commendable move by the president and key into the laudable project, noting that no country developed without the combined efforts of government and the private sector.

The forum stressed that the local production of pharmaceutical products would ensure higher standards of quality and safety for pharmaceutical products.

”The enhancement of local production possibilities will strengthen Nigeria’s capacity to respond to public health emergencies, such as pandemics and disease outbreaks.

“This will ensure steady supply of necessary medications,” the forum added.

NAN reports that on July 2, Tinubu signed an executive order suspending import duties and value-added tax (VAT) on crucial medical imports.

This initiative is set to revolutionize the pharmaceutical and medical device industry in Nigeria, offering a significant boost to local manufacturing and reducing the reliance on imported medical products.

Announced by Prof. Muhammad Ali Pate, the Minister of Health and Social Welfare, the executive order aims to ease the financial burden on local manufacturers of pharmaceuticals, diagnostics and medical devices.

Pate highlighted that the Minister of Justice and Attorney General of the Federation is expected to take the necessary steps to codify the new order.

“The order is pivotal to the success of the Initiative for Unlocking the Health Care Value Chain, which was approved in October 2023 by the President.

”It introduces zero tariffs, excise duties, and VAT on specified machinery, equipment, and raw materials, aiming to reduce production costs and enhance our local manufacturers’ competitiveness.”(NAN

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
error: Content is protected !!