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. 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.

Source: Nigerian Tribune July 01, 2024 06:44 UTC