In a significant move to alleviate the financial strain on Micro, Small, and Medium Enterprises (MSMEs), the National Agency for Food and Drug Administration and Control (NAFDAC) has announced a substantial 65% reduction in registration renewal fees.
The directive, disclosed in a statement by Prof. Mojisola Adeyeye, NAFDAC’s Director-General, is part of a broader strategy to enhance the ease of doing business in Nigeria amid the recent removal of the fuel subsidy.
The revised administrative charges specifically target the late renewal of NAFDAC-regulated products, impacting both locally manufactured and foreign products. For locally manufactured items, the processing fee for registration renewal sees a remarkable 65% decrease, now set at N44,200. Similarly, foreign products benefit from a 45% reduction, lowering the processing fee to $450.
This strategic move is not only expected to streamline business processes but also to serve as a lifeline for MSMEs navigating economic uncertainties. In addition to the processing fee adjustments, NAFDAC has introduced a 10% review of the tariff structure for facility and inspection fees designated for Special Economic Zones (SEZs). This comprehensive support package underscores NAFDAC’s commitment to actively contribute to the growth of MSMEs in Nigeria.
Prof. Adeyeye emphasizes that the reduction in processing fees is not merely a financial reprieve but a thoughtful and strategic response to the challenges faced by MSMEs during these trying times. NAFDAC views this initiative as a vital step in supporting both existing and new MSMEs, ensuring their resilience in the face of economic adjustments resulting from the fuel subsidy removal.
This move by NAFDAC aligns with the agency’s broader commitment to fostering a business-friendly environment. In the midst of economic shifts, NAFDAC’s reduction in processing fees emerges as a tangible and impactful measure to empower MSMEs, reinforcing the agency’s pivotal role in driving economic prosperity in Nigeria.
