NAFDAC reduces processing fees for locally made goods

• Adeyeye highlighted that these strategies are specifically designed to assist MSMEs in coping with the economic impact of the fuel subsidy removal
  

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The National Agency for Food and Drug Administration and Control (NAFDAC) has introduced strategies aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) in navigating the temporary economic challenges resulting from the fuel subsidy removal.

Mojisola Adeyeye, the agency’s Director-General, shared this information in a statement released to journalists on Monday in Abuja through NAFDAC media consultant, Olusayo Akintola.

Adeyeye highlighted that these strategies are specifically designed to assist MSMEs in coping with the economic impact of the fuel subsidy removal and to improve the business environment’s ease of operation in Nigeria.

Additionally, the agency has revised downward the current administrative charges for late renewal of NAFDAC-regulated products, aiming to create a more conducive investment climate, promptly responding to the prevailing economic realities.

“This translates to a 65 percent decrease in processing fees for the renewal of registration for locally manufactured products (which will be N44,200),” she said.

This is against what is currently charged and 45 percent of the processing fee for foreign products (which will be $ 450) as against what is currently charged.

She noted, “In addition, the agency has also granted a 10 percent review of tariff structure for facility and inspection fees for Special Economic Zones as businesses across the world confront the disruptions caused by the global economic meltdown.

“NAFDAC will continue to adopt and implement practical measures to ensure that the projected growth in the MSMEs sector is not seriously affected by the development.”

She explained that the response of the agency was not just “to give succour and assistance to existing MSMEs, but also ensure that there is a practical and active fillip to new MSMEs.

This, the NAFDAC boss said will ensure that the growth of the sector is not discouraged by the current economic trauma.

She said it was the right moment for the agency and that NAFDAC, as a regulatory body, was prepared to back MSMEs and other businesses that were ready for the innovative and interesting times ahead.