The National Agency for Food and Drug Administration and Control (NAFDAC) has unveiled a series of measures to assist Micro, Small, and Medium Enterprises (MSMEs) in navigating the economic repercussions of fuel subsidy removal. In a press release on Monday, NAFDAC’s Director-General, Prof. Mojisola Adeyeye, outlined these strategies, designed to bolster the ease of doing business in Nigeria and foster economic growth.
Highlighting the agency’s proactive response to the current economic climate, Adeyeye announced a significant reduction in administrative charges for late renewal of NAFDAC-regulated products. This move aims to create a more conducive investment landscape, particularly for MSMEs. Notably, the processing fees for the renewal of registration for locally manufactured products have been slashed by 65%, reducing the cost to N44,200. For foreign products, the processing fee has been lowered by 45% to $450.
By implementing these revised fees, NAFDAC seeks to alleviate the financial strain on MSMEs and spur domestic production. Adeyeye emphasized that these measures are part of a broader strategy to support small businesses and enhance their resilience amidst the shifting economic dynamics resulting from the fuel subsidy removal.
The agency’s commitment to fostering a favorable environment for MSMEs underscores the crucial role played by small businesses in driving economic activity and employment in Nigeria. As NAFDAC continues to proactively adapt its policies, the impact of these initiatives is poised to resonate across diverse sectors, ultimately contributing to sustainable economic advancement and business development.
