The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) has commended the Senate President, Dr. Abubakar Bukola Saraki for his intervention in the the new Federal Government policy on Import Adjustment Tax that has encouraged pharmaceutical industries in the country to thrive.
The National President of body, Mr. Okey Akpa, gave the appreciation when he led other national executive members of the association on a courtesy visit to the Senate President in Abuja on Wednesday, according to a statement by the Special Assistant to the Senate President on Print Media, Chuks Okocha
Akpa said: “When we visited you in June 2016, we brought to your notice a situation where finished pharmaceutical products were being imported into the country at zero duty whereas raw materials and packaging materials were attracting duty ranging from 5 per cent to 20 per cent. We had intimated you that that was the surest way to kill local manufacturing.
“Your Excellency, we want to thank you and the government of the Federal Republic of Nigeria that government has introduced import adjustment tax on a key HS Code that has encouraged pharmaceutical industries to thrive.
“Those items on those HS Code now attract 20 per cent import adjustment tax which is in line with extant document of CET.
“We want to bring to your notice that since the fiscal policy 2016 came, a lot has happened in our industry, foreign investment is on the increase and we are receiving enquiries from foreign investors who now want to invest in Nigeria’s local manufacturing.
“Capacity utilization is on the increase and we are employing more people contrary to what it was just before we came to call on you when we were laying off workers and members were finalizing plans to close factories. We are optimistic that such policies as these if sustained will grow this industry,” he said.
Responding, Saraki noted that it is top priority of the 8th Senate to ensure he survival and sustainability of pharmaceutical industries in the country.
He pledged the readiness of the 8th Senate to do what needed to ensure the overall survival and profitability of local industries in the country.
” Nigeria must begin to take steps to produce the vaccines and medications that it needs locally, instead of relying on other countries,” he said.
