Nigeria’s pharmaceutical manufacturers have recorded a 12% drop in production costs following the implementation of a presidential order aimed at reviving local drug manufacturing, the Minister of State for Health, Dr. Iziaq Salako, has said.
Speaking at the BusinessDay Health Conference in Abuja, Mr Salako noted that 87 local firms are already benefitting from the removal of tariffs, VAT, and excise duties on specialised equipment and raw materials.
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Signed by President Bola Tinubu in June 2024, the executive order forms part of the broader Presidential Initiative to Unlock the Healthcare Value Chain, PVAC.
The minister said the policy is driving the growth of pharmaceutical and diagnostic hubs across the country, with two Nigerian products recently achieving WHO qualification—an unprecedented milestone in West and Central Africa.
He also announced that Africa’s first locally-specified active pharmaceutical ingredient factory will soon be launched.
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