CEM REPORT, SMEs | In a move aimed at bolstering the resilience of Micro, Small, and Medium Enterprises (MSMEs) amidst economic challenges, the National Agency for Food and Drug Administration and Control (NAFDAC) has announced a significant reduction in registration renewal fees.
A 65% Relief for MSMEs:
The agency, led by Director-General Prof. Mojisola Adeyeye, has slashed the processing fee for locally manufactured products by a staggering 65per cent, bringing it down to N44,200. This translates to a substantial financial reprieve for MSMEs operating in the food and drug sector.
“This proactive response is designed to alleviate the financial burden on MSMEs and foster a more conducive business environment in Nigeria,” Prof. Adeyeye stated in a press release.
Foreign Products Benefit Too:
The revised charges extend to foreign products, with a 45per cent reduction bringing the processing fee down to $450. This move signifies NAFDAC’s commitment to supporting the entire spectrum of businesses within its regulatory purview.
More Than Just Fees:
NAFDAC’s support for MSMEs goes beyond fee reductions. The agency has also granted a 10per cent review of tariff structure for facility and inspection fees in Special Economic Zones (SEZs), further demonstrating its dedication to fostering an environment conducive to business growth.
A Strategic Response to Economic Headwinds:
Prof. Adeyeye emphasized that the fee reductions are not merely a financial incentive, but a strategic response to the challenges faced by MSMEs in the wake of the recent fuel subsidy removal.
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“This is a vital step in supporting both existing and new MSMEs, ensuring that they remain resilient in the face of economic adjustments,” she stated.
NAFDAC Leading the Way:
This initiative aligns with NAFDAC’s broader commitment to creating a thriving business landscape in Nigeria. As the nation grapples with economic shifts, the agency’s tangible support for MSMEs stands out as a beacon of hope, solidifying its role as a driving force for economic prosperity.