The Nigerian government says it is set to implement a presidential executive order eliminating Value Added Tax (VAT) and excise duties on pharmaceuticals and medical devices.
This initiative follows President Bola Tinubu’s directive from four months ago, aimed at boosting local production and lowering healthcare costs.
In a statement on X, the Head of Information and Public Relations at the Federal Ministry of Health and Social Welfare, Alaba Balogun, confirmed that the processes are now finalised.
Coordinating Minister of Health and Social Welfare, Professor Muhammad Pate added that the order introduces zero tariffs on specified machinery, equipment, and raw materials.
“This order is pivotal for unlocking the healthcare value chain,” Pate stated, referencing the initiative approved in October 2023. The focus includes pharmaceuticals, diagnostics, and medical textiles, addressing Nigeria’s heavy reliance on imported medications.
The situation has worsened as multinational firms, including GlaxoSmithKline, exit the market, leading to rising costs. Pate emphasized the government’s strategic shift, stating, “This will help retain economic value and stimulate job creation within the healthcare sector.”
The finalised order promises to significantly reduce prices for essential health supplies. “We are committed to alleviating the financial strains on millions of Nigerians relying on these essentials,” the statement affirmed.
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