The National Agency for Food and Drug Administration and Control (NAFDAC) has introduced a significant 65% reduction in registration renewal fees for Micro, Small, and Medium Enterprises (MSMEs), according to a statement released by the Director-General, Prof. Mojisola Adeyeye. This move is part of NAFDAC’s proactive response to alleviate the financial burden on MSMEs and foster a more conducive business environment in Nigeria, especially in light of recent economic challenges following the removal of the fuel subsidy.
The revised administrative charges primarily target the late renewal of NAFDAC-regulated products, representing a substantial reduction for both locally manufactured and foreign products.
Strategies for MSMEs:
- Locally Manufactured Products:
- The processing fee for the renewal of registration for locally manufactured products has been reduced to N44,200, marking a significant 65% decrease from the previous charges.
- Foreign Products:
- Foreign products will experience a 45% reduction in the processing fee, bringing it down to $450. This strategic adjustment aims to enhance the ease of doing business in the country and provide crucial support to MSMEs navigating economic uncertainties.
In addition to the processing fee adjustments, NAFDAC has implemented a 10% review of the tariff structure for facility and inspection fees designated for Special Economic Zones (SEZs). This comprehensive support package underscores NAFDAC’s commitment to actively contribute to the growth of MSMEs in Nigeria.
Prof. Adeyeye emphasized that the reduction in processing fees is not just a financial relief but a thoughtful and strategic response to the challenges faced by MSMEs during these trying times. NAFDAC sees this initiative as a crucial step in supporting both existing and new MSMEs, ensuring their resilience in the face of economic adjustments resulting from the fuel subsidy removal.
This move by NAFDAC aligns with the agency’s broader commitment to foster an environment conducive to business growth. As the nation grapples with economic shifts, NAFDAC’s reduction in processing fees stands out as a tangible and impactful measure to empower MSMEs, further solidifying the agency’s role in driving economic prosperity in Nigeria
