The Centre for the Promotion of Private Enterprise (CPPE) has praised the recent executive order signed by President Bola Tinubu, which removed import duties, VAT, and excise duty on pharmaceutical raw materials, intermediate products, medical diagnostic equipment, and machinery.
Muda Yusuf, director/CEO of CPPE, in a message to TimesNow.com.ng explained that the president’s decision could revitalise Nigeria’s pharmaceutical sector and create more employment opportunities.
He added that the measures will bolster local pharmaceutical production, lower medication costs, enhance healthcare accessibility, and positively impact citizens’ well-being.
His words:
Speaking further, the CPPE boss called on the president to extend similar fiscal incentives to other sectors such as agriculture, agrochemicals, agro-allied industries, energy, and iron and steel.
He stressed that such measures are essential for addressing supply-side economic challenges, particularly inflationary pressures driven by supply constraints.
Yusuf noted that the economy will be better in the long term.
The economist added:
TimesNow.com.ng also reported that President Bola Tinubu has approved three new directives in the oil and gas sector.
This introduces fiscal incentives for related projects, reduces contracting costs and timelines, and promotes cost efficiency in local content requirements. It further said that in recognition of the urgency to accelerate investments, President Tinubu directed the introduction of fiscal incentives for non-associated gas, midstream and deepwater developments.
The special adviser on media and publicity, Ajuri Ngelale, confirmed the development on Wednesday via a statement shared on the X account of the @NGRPresident.
Source: TimesNow.com.ng
