Zero import duties on pharmaceuticals will crash prices – CPPE
The Centre for the Promotion of Private Enterprise, CPPE, has said that the recent executive order by President Bola Ahmed Tinubu on zero import duties on pharmaceuticals will crash product prices.
Muda Yusuf, the director of CPPE, disclosed this in a statement on Sunday.
The Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, announced that President Tinubu had signed an executive order to introduce zero tariffs, excise duties, and Value Added Tax on specialised machinery, equipment and pharmaceutical raw materials to bolster local production of essential healthcare products.
Reacting to the development, CPPE stated that the measure will boost domestic production of pharmaceutical products, reduce the cost of medications, improve access to healthcare and positively impact the well-being of citizens.
The economic think tank said Nigeria needs similar executive orders for agriculture, agrochemicals and agro-allied industries to curb the surging food inflation.
It stated that similar interventions in the energy sector and the iron and steel sector would aid the construction industry and reduce construction costs for housing and infrastructure.
“We also need fiscal policy protection to support domestic investments in petroleum refineries to conserve foreign exchange, create jobs, and deepen backward integration,” he said.
CPPE urged the presidency to ensure compliance by the MDAs with these executive orders in the spirit of current efforts to boost domestic production, grow domestic talents and reform the economy.
