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February 27, 2024
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NAFDAC Slashes Registration Renewal Fees For Locally Manufactured Products by 65%

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, the Council of National Agency for Food and Drug Administration and Control (NAFDAC), has rolled out a new set of palliatives, including  65 per cent cut in processing fees for the renewal of registration for locally manufactured products.

The development was made known to newsmen on Sunday, in a statement signed by NAFDAC’s Resident Media Consultant, Sayo Akintola, in Abuja.

Akintola noted that the Agency has undertaken a downward review of its 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.

According to him, this translates to a 65 per cent decrease in processing fees for the renewal of registration for locally manufactured products which would be N44,200 as against what was currently charged, and 45 per cent of the processing fee for foreign products which will be $ 450 as against what was currently charged.

However, the Director General, NAFDAC, Prof Mojisola Adeyeye disclosed that the Agency has also granted a 10 per cent review of tariff structure for facility and inspection fees for Special Economic Zones (SEZs).

Prof Adeyeye noted that NAFDAC would continue to adopt and implement practical measures to ensure that the projected growth in the micro, small and medium enterprises (MSMEs) sector is not seriously affected as businesses across the world confront the disruptions caused by the global economic meltdown.

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 a practical and active fillip to new MSMEs so that the growth of this sector is not discouraged by the current economic trauma.

The statement partly reads: “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 in the incredible numbers of MSMEs that we have, she said, as she 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.”

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