Coy Says FG’s Zero Customs Duty Aiding Growth In Pharmaceutical Industry
The Federal government has been commended for its policies in the Pharmaceutical industry.
Mr Suresh Nair, the General Manager for Institutional Business, Sam pharmaceutical Ltd made the commendation while speaking to journalists at the ongoing Pharmaceutical Society of Nigeria (PSN) national conference in Awka on Friday.
Nair said the zero customs duty on some pharmaceutical production machineries and input has encouraged growth in local medicine manufacturing.
He said under the current policy regime, more jobs had been created due to expanded production capacity as well as reduced outward flow of forex and remittances.
“I want to commend the executive order of the federal government which allows for zero customs duty in some of the machinery and other inputs.
“The policy has supported the growth of local manufacturing. It is clear that the guiding principle of today’s government is to create a market for the local industry.
“Unlike import which puts pressure on forex and creates employment in other countries, local production allows the money to circulate within Nigeria,” he said.
He said Sams pharmaceutical would continue to support the objectives of the federal government through delivery of quality products and enhancing global competitiveness
According to him, Nigerian products are of high quality, affordable and globally competitive.
“We are pioneers in local manufacturing with about 55 years of presence in the industry,” he said.
