NAFDAC Cuts Processing Fees By 65% To Assist SMEs
By Ted Iwere
The National Agency for Food and Drug Administration and Control (NAFDAC) has taken steps to assist Micro, Small and Medium Enterprises (MSMEs) in coping with the temporary economic challenges resulting from the removal of the petrol subsidy. As part of these efforts, the agency has reduced administrative charges for the late renewal of NAFDAC-regulated products. This move aims to create a more investment-friendly business environment, which is needed in response to current realities.
The new changes mean that there will be a 65% decrease in processing fees for the renewal of registration of locally manufactured products, bringing the cost down to N44,200 from the previous fee charged. There will be a 45% decrease in the processing fee for foreign products, which will be $450 instead of the current charge.
Additionally, NAFDAC Director General, Prof Mojisola Adeyeye, revealed that the agency has granted a 10% review of the tariff structure for facility and inspection fees for Special Economic Zones (SEZs).
Adeyeye’s announcement highlights the concern NAFDAC has for the micro, small, and medium enterprises (MSMEs) sector, especially during these challenging economic times. NAFDAC is committed to taking practical measures to ensure that the growth of this sector is not adversely affected.
The Agency’s response is not just to assist existing MSMEs but also to extend practical and active support to new MSMEs to ensure that the growth of this sector is not discouraged.
“This is our moment and NAFDAC as a regulatory agency is prepared to back MSMEs and other businesses that are prepared for the innovative and interesting times that lie ahead of us”, she added.
‘’We have no excuse not to be one of the most productive and prolific economies in the world. We hope to achieve this aim in the incredible numbers of MSMEs that we have,” she said, as she described NAFDAC palliatives for MSMEs as a thoughtful and strategic response to the realities of the present time.
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