The National Agency for Food and Drug Administration and Control (NAFDAC) has extended support to MSMEs by granting a 10% review of tariff structure for facility and inspection fees designated for Special Economic Zones (SEZs).
Targeted at bolstering industrial growth and alleviating the economic challenges arising from the recent fuel subsidy removal, NAFDAC has announced a series of palliatives tailored to support Micro, Small, and Medium Enterprises (MSMEs).
In a recent statement, NAFDAC revealed a 65% reduction in the registration renewal fees for MSMEs, highlighting a proactive response to the prevailing economic uncertainties.
Prof. Mojisola Adeyeye, the director-general, emphasised the importance of facilitating a conducive business environment, particularly in the wake of the fuel subsidy removal.
Under the revised administrative charges, NAFDAC has significantly lowered processing fees for the late renewal of regulated products.
For locally manufactured products, the renewal fee has been reduced by 65%, now standing at N44,200. Similarly, foreign products will benefit from a 45% reduction, bringing the processing fee down to $450.
In addition to these fee adjustments, NAFDAC has extended support to MSMEs by granting a 10% review of tariff structure for facility and inspection fees designated for Special Economic Zones (SEZs).
Prof. Adeyeye affirmed NAFDAC’s commitment to not only provide relief to existing MSMEs but also to encourage the establishment of new enterprises, ensuring sustained growth in the sector.
“This is our moment, and NAFDAC, as a regulatory agency, is prepared to back MSMEs and other businesses that are ready for the innovative and interesting times that lie ahead of us,” Prof. Adeyeye said, highlighting the agency’s strategic response to the present economic challenges.
The reduction in processing fees is seen as an important step in supporting both existing and new MSMEs, ensuring their resilience in the face of economic adjustments resulting from the fuel subsidy removal. NAFDAC’s comprehensive package of support seeks to create an environment conducive to business growth, driving economic prosperity in Nigeria.
