Nigeria to Slash Tax on Pharma Inputs to Boost Production: Cable

Bola Tinubu, Nigeria's president, on day two of the COP28 climate conference at Expo City in Dubai, United Arab Emirates, on Friday, Dec. 1, 2023. More than 70,000 politicians, diplomats, campaigners, financiers and business leaders will fly to Dubai to talk about arresting the world’s slide toward environmental catastrophe. Photographer: Hollie Adams/Bloomberg , Bloomberg

Katarina Höije, Bloomberg News

Jun 29, 2024

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(Bloomberg) -- Nigerian President Bola Tinubu removed taxes from imported pharmaceutical inputs in a bid to boost local production, The Cable newspaper reported, citing Health Minister Muhammad Ali Pate. 

Tinubu’s executive order aims to improve the competitiveness of local makers of healthcare items such as needles and syringes, the newspaper quoted Pate saying.  

Reforms undertaken by Tinubu’s administration have helped Nigeria secured much-needed international funding, including $2.25 billion from the World Bank, to support an economic overhaul and raise non-oil revenues.

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