Economy: NAFDAC roll out palliatives to support MSMEs

The National Agency for Food and Drug Administration and Control (NAFDAC) has rolled out a new set of palliatives 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 the country.

NAFDAC, in a statement issued by its Resident Media Consultant, Sayo Akintola, and made available to newsmen in Abuja on Sunday, December 31, 2023, 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.

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He said the Director-General of NAFDAC, Prof. Mojisola Adeyeye, has granted a 10 per cent review of tariff structure for facility and inspection fees for Special Economic Zones (SEZs)

As businesses across the world confront the disruptions caused by the global economic meltdown, 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 by the development.

She further explained that the response of the agency was not just to give succour and assistance to existing MSMEs, but also ensure that there is practical and active fillip to new MSMEs so that the growth of this sector is not discouraged by the current economic trauma.

She said: “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. NAFDAC palliatives for MSMEs are 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 long-standing commitment to MSMEs.”

The Star