The National Agency for Food and Drug Administration and Control has announced that it has reviewed downward, the 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.
Director-General of the agency, Mojisola Adeyeye, said the decision was taken to roll out strategies to help Micro Small and Medium Enterprises survive the temporary economic fallouts occasioned by the fuel subsidy removal.
“This translates to a 65 percent decrease in processing fees for the renewal of registration for locally manufactured products (which will be N44,200).
This is against what is currently charged and 45 percent of the processing fee for foreign products (which will be $ 450) as against what is currently charged.
“In addition, the agency has also granted a 10 percent 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.
“NAFDAC will continue to adopt and implement practical measures to ensure that the projected growth in the MSMEs sector is not seriously affected by the development.”
Adeyeye added that the decision will ensure that the growth of the sector is not discouraged by the current economic trauma. She added that it is the right moment for the agency and that NAFDAC, as a regulatory body, is prepared to back MSMEs and other businesses that are ready for the innovative and interesting times ahead.