In a move to alleviate economic challenges faced by Micro, Small, and Medium Enterprises (MSMEs), the National Agency for Food and Drug Administration and Control (NAFDAC) has announced a significant reduction in processing fees for the renewal of registration for locally manufactured products. The Director-General of NAFDAC, Mojisola Adeyeye, revealed that the fees have been slashed by 65%, now amounting to N44,200.
The decision aims to support local businesses and enhance the investment climate for MSMEs amidst the current economic difficulties. Adeyeye emphasized the agency’s commitment to creating an environment that fosters growth and sustainability for small and medium-sized enterprises.
As part of the initiative, NAFDAC has also implemented a 10% review of the tariff structure for facility and inspection fees specifically designed for Special Economic Zones. This measure is intended to provide relief and support for businesses grappling with challenges resulting from the global economic downturn.
Adeyeye highlighted the agency’s dedication to adopting practical measures that safeguard the growth of the MSME sector. The adjustments in licensing fees and tariff structures are responsive actions to the evolving economic landscape, aiming to ensure that the projected growth in the MSMEs sector remains resilient despite external disruptions.
The reduction in processing fees is particularly significant for local manufacturers, with a 65% decrease translating to more favorable conditions for renewal of registration. For foreign products, a 45% reduction in processing fees has been implemented, with the new fee set at $450.
This move aligns with broader efforts to enhance the competitiveness of local businesses and stimulate economic growth. Adeyeye affirmed NAFDAC’s commitment to actively supporting the MSME sector, acknowledging its pivotal role in the Nigerian economy.
As NAFDAC continues to implement these measures, the expectation is that MSMEs, especially those engaged in the production of regulated products, will experience a positive impact on their operational costs, contributing to their overall resilience and growth.
