National Agency for Food and Drug Administration and Control (NAFDAC) has unveiled a significant 65% reduction in registration renewal fees for Micro, Small, and Medium Enterprises (MSMEs).
Gatekeepers News reports that Prof. Mojisola Adeyeye, the Director-General of NAFDAC, announced this measure in a statement, as part of the agency’s proactive response to ease economic challenges faced by MSMEs following the removal of the fuel subsidy.
In a bid to alleviate financial burdens, NAFDAC has targeted the late renewal fees for regulated products. For locally manufactured products, the processing fee for registration renewal sees a substantial 65% decrease to N44,200. Foreign products also benefit from a 45% reduction, bringing the processing fee down to $450.
NAFDAC aims to enhance the ease of doing business and provide crucial support to MSMEs navigating economic uncertainties. Additionally, the agency has granted a 10% review of tariff structure for facility and inspection fees designated for Special Economic Zones (SEZs).
Prof. Adeyeye emphasised that this reduction goes beyond financial relief, representing a thoughtful and strategic response to challenges faced by MSMEs during these times.
NAFDAC’s commitment aligns with fostering a conducive environment for business growth, empowering MSMEs to remain resilient amid economic adjustments.
