The President of the Pharmaceutical Society of Nigeria (PSN), Prof Cyril Usifoh, has conveyed the gratitude of the operators in the sector, to President Bola Tinubu for haven granted zero tariffs, excise duties and VAT specified on pharmaceuticals, machineries, equipment and raw materials.
In a statement, Prof said that the tariffs removal will encourage local manufacturing of essential healthcare products, enhance the healthcare value chain; as well as promote investment in the sector and ultimately reduce costs of medical consumables.
He said,”I find it extremely delightful to convey the appreciation of the entire membership of the Pharmaceutical Society of Nigeria (PSN) and other prominent stakeholders in the pharmaceutical industry/sector to President Tinubu and Coordinating Minister of Health and Social Welfare on the signing of an Executive Order to increase local production of pharmaceuticals, diagnostics and medical devices.
We are particularly grateful that this Order introduces zero tariffs, excise duties and VAT specified machineries, equipment and raw materials aimed at reducing production cost and enhancing our local manufacturers competitiveness. “