Pharmaceutical Manufacturers Group, an arm of the Manufacturers Association of Nigeria (PMG-MAN) has called on the federal government to introduce 20 per cent tax on imported finished products into the country.
Chairman of the group, Pharmacist Okey Akpa said this at a press conference to announce the Nigeria Pharma Manufacturers Expo 2015 in Lagos on Tuesday.
He said the tax was crucial to encourage local pharmaceutical manufacturers to increase capacities and remain in business.
He explained that the ECOWAS’ Common External Tariff (CET) was a threat to the survival of local pharmaceutical industry.
Akpa argued that 20 per cent tax should be imposed on all pharmaceutical products under harmonised system codes of 3003 and 3004 while importation of raw materials, excipient and packaging input for manufacturing of local pharmaceutical goods should attract zero per cent tax.
He said: "We hereby reiterate the need to protect the local pharmaceutical manufacturers and encourage industrialisation as self sufficiency in essential medicines has national security implications. Our position remain that Nigeria’s responsibility to minimise the effect of diseases on the economic, social and political stability of the country cannot be abdicated to imported medicines."
He said the expo slated to hold on September 10, 2015 at Ikeja, Lagos with the theme: Nigeria Pharmaceutical Industry and Internal Competitiveness will have the President of ECOWAS Commission, Dr. Kadre Desire Ouedraogo as the special guest of honour.
He said 120 exhibitors and delegates are expected from France, Germany, Indian, China and other countries at this year’s event with over 3000 participants from Nigeria and ECOWAS countries.
