CPPE lauds removal of import duties in pharmaceuticals products

The Centre for the Promotion of Private Enterprise (CPPE) has lauded the recent Executive Order that eliminates import duties, VAT, and excise duty on pharmaceutical raw materials, intermediate products, medical diagnostic equipment, and machinery.

In a statement, Dr. Muda Yusuf, Director/CEO of CPPE, emphasized that these fiscal measures will bolster local pharmaceutical production, lower medication costs, enhance healthcare accessibility, and positively impact citizens’ well-being.

He noted the potential for revitalizing Nigeria’s pharmaceutical sector and generating more employment opportunities.

Dr. Muda advocated for extending similar fiscal incentives to other sectors like agriculture, agrochemicals, agro-allied industries, energy, and iron and steel.

He stressed that such measures are crucial for addressing supply-side challenges in the economy, particularly inflationary pressures driven by supply constraints.

He underscored the effectiveness of fiscal policies over monetary policies in stimulating real sector performance and urged for protective measures to support domestic industries against liberalized trade policies.

Additionally, CPPE commended the Central Bank of Nigeria (CBN) for discontinuing its Price Verification System Portal, which duplicated functions of the Nigeria Customs Service under a dysfunctional foreign exchange regime.

Dr. Muda urged sustained collaboration between CBN and the private sector to ensure evidence-based feedback on monetary policy outcomes.

Furthermore, CPPE called for streamlining overlapping regulatory functions across various institutions, citing examples in environmental management, standards enforcement, consumer protection, and logistics.

These overlaps, according to CPPE, create unnecessary obstacles and financial burdens for investors.

In conclusion, CPPE emphasized the importance of enforcing Executive Orders 003 and 005, which promote local content in public procurement and technological advancement, urging strict adherence by Ministries, Departments, and Agencies (MDAs) to enhance domestic production and economic reform efforts.

This statement by CPPE reflects a comprehensive approach to boosting domestic production, supporting local industries, and advocating for efficient regulatory frameworks to foster economic growth and sustainability in Nigeria.