The National Agency for Food and Drug Administration and Control (NAFDAC) said it has reviewed the present administrative charges for late renewal of regulated products to make the business environment more investment-friendly.
It said the downward review translates to a 65 percent decrease in processing fees for the renewal of registration for locally manufactured products (which will be N44,200) as 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.
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In a statement signed by the agency’s Resident Media Consultant, Sayo Akintola, NAFDAC said: “Arising from its meeting, the Council of the National Agency for Food and Drug Administration and Control (NAFDAC) has rolled out a new set of palliatives to help micro, small, and medium enterprises (MSMEs) survive the temporary economic fallouts of fuel subsidy removal and enhance the ease of doing business in Nigeria.
“To this end, the Agency has reviewed downward, the present administrative charges for late renewal of NAFDAC-regulated products to make the business environment more investment-friendly in a quick response to the realities of the time,” it said.
The statement quoted the Director General, Prof. Mojisola Adeyeye, as having said that the Agency also granted a 10 percent review of the tariff structure for facilities and inspection fees for Special Economic Zones (SEZs).
Adeyeye pledged that NAFDAC would 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 further explained that the response of the Agency was not just “to give succour and assistance to existing MSMEs, but also to ensure that there is practical and active support for new MSMEs so that the growth of this sector is not discouraged by the current economic trauma.
“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.
“We have no excuse not to be one of the most productive and prolific economies in the world. We hope to achieve this aim with the incredible numbers of MSMEs that we have,” she said.
Adeyeye described NAFDAC palliatives for MSMEs as a thoughtful and strategic response to the realities of the present time.
“These are all indicators of the new spirit of NAFDAC and foretaste of the support MSMEs stand to enjoy in wading through these trying times. But this is not a new undertaking for us. It is merely an extension or intensification of the Federal Government’s long-standing commitment to MSMEs,” she stated.