The National Agency for Food and Drug Administration and Control (NAFDAC) has announced a 65% reduction in registration renewal fees for Micro, Small, and Medium Enterprises (MSMEs).
The Agency disclosed this in a statement signed by its Director-General, Prof. Mojisola Adeyeye. NAFDAC also outlines other measures to enhance the ease of doing business in Nigeria and ensure the resilience of MSMEs in the face of the economic hardship occasioned by the recent removal of fuel subsidies.
According to the NAFDAC’s DG, the agency’s proactive response aims to alleviate the financial burden on MSMEs and foster a more conducive business environment in Nigeria.
The revised administrative charges specifically target the late renewal of NAFDAC-regulated products, signalling a significant reduction for both locally manufactured and foreign products.
NAFDAC’s strategies for MSMEs
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For locally manufactured products, the processing fee for registration renewal has been slashed to N44,200, reflecting a substantial 65% decrease from the previous charges.
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Similarly, foreign products will benefit from a 45% reduction, bringing the processing fee down to $450. This strategic move is poised to enhance the ease of doing business in the country and provide a critical lifeline to MSMEs navigating economic uncertainties.
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In addition to the processing fee adjustments, NAFDAC has granted a 10% review of the tariff structure for facility and inspection fees designated for Special Economic Zones (SEZs). This comprehensive package of support underscores NAFDAC’s commitment to actively contribute to the growth of MSMEs in Nigeria.
Prof. Adeyeye stressed that the reduction in processing fees is not merely a financial reprieve but a thoughtful and strategic response to the challenges faced by MSMEs during these trying times.
The agency sees this as a vital step in supporting both existing and new MSMEs, ensuring that they remain resilient in the face of economic adjustments resulting from the fuel subsidy removal.
This move by NAFDAC aligns with the agency’s broader commitment to foster an environment conducive to business growth.
As the nation grapples with economic shifts, NAFDAC’s reduction in processing fees stands out as a tangible and impactful measure to empower MSMEs, further solidifying the agency’s role in driving economic prosperity in Nigeria.