The Centre for the Promotion of Private Enterprise (CPPE) has welcomed a recent Executive Order that removes import duties, VAT, and excise duty on pharmaceutical raw materials, intermediate products, medical diagnostic equipment, and machinery. This landmark decision is expected to boost local pharmaceutical production, reduce medication costs, improve healthcare access, and enhance citizens’ well-being.
In a formal statement, Dr. Muda Yusuf, Director/CEO of CPPE, emphasized the significant benefits these fiscal measures will bring. “This initiative is a major step towards revitalizing Nigeria’s pharmaceutical sector and creating more employment opportunities,” Dr. Yusuf remarked.
Dr. Yusuf also suggested extending similar fiscal incentives to other sectors, including agriculture, agrochemicals, agro-allied industries, energy, and iron and steel. He highlighted that addressing supply-side challenges, particularly those causing inflationary pressures, requires such strategic fiscal policies. “Fiscal measures are often more effective than monetary policies in stimulating real sector performance,” he noted.
Moreover, Dr. Yusuf called for protective measures to support domestic industries against the impact of liberalized trade policies. CPPE also praised the Central Bank of Nigeria (CBN) for halting its Price Verification System Portal, which duplicated the functions of the Nigeria Customs Service under a flawed foreign exchange regime.
Dr. Yusuf advocated for ongoing collaboration between the CBN and the private sector to ensure evidence-based feedback on monetary policy outcomes. He also urged the streamlining of overlapping regulatory functions across various institutions, including environmental management, standards enforcement, consumer protection, and logistics. These overlaps, according to CPPE, create unnecessary obstacles and financial burdens for investors.
Furthermore, CPPE stressed the importance of enforcing Executive Orders 003 and 005, which promote local content in public procurement and technological advancement. The organization called for strict adherence by Ministries, Departments, and Agencies (MDAs) to these orders to enhance domestic production and support economic reform efforts.
In summary, CPPE’s statement 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.
