Emmanuel OchayiIn a bid to bolster the resilience of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, the National Agency for Food and Drug Administration and Control (NAFDAC) has reduced registration renewal fees by 65%.
Director-General of NAFDAC, Prof. Mojisola Adeyeye, emphasized the agency’s proactive stance in alleviating financial burdens on MSMEs during challenging times.
Join our WhatsApp Channel“We understand the hardships faced by MSMEs and aim to provide tangible support,” Prof. Adeyeye, stated.
“This reduction isn’t merely about finances. It’s a strategic move to assist MSMEs in navigating economic uncertainties.”
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The revised fees target late renewal charges for NAFDAC-regulated products, benefitting both local manufacturers and foreign product owners. Specifically, the processing fee for locally manufactured products has been cut by 65% to N44,200, while foreign products will enjoy a 45% reduction to $450.
Moreover, NAFDAC has implemented a 10% review of tariff structure for facility and inspection fees in Special Economic Zones (SEZs).
This comprehensive support package underscores NAFDAC’s commitment to fostering MSME growth in Nigeria.
Adeyeye emphasized that this fee reduction aims to ensure the resilience of both existing and new MSMEs in the face of economic adjustments due to fuel subsidy removal.
As Nigeria grapples with economic shifts, NAFDAC’s proactive fee reduction emerges as a measure, signaling the agency’s role in driving economic prosperity by empowering MSMEs and fostering a conducive business environment in the country.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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