The National Agency for Food and Drug Administration and Control (NAFDAC) has announced a significant reduction in processing fees for the renewal of registration of locally manufactured products.
The Director-General, Mojisola Adeyeye, revealed that the fees have been slashed by 65%, now set at N44,200. This decision aims to support Micro, Small, and Medium Enterprises (MSMEs) in navigating the current economic challenges.
Adeyeye emphasized that the move is part of NAFDAC’s commitment to assisting MSMEs and fostering an investment-friendly business environment. The decrease in administrative charges for late renewal of NAFDAC-regulated products is a quick response to the economic realities of the time. The 65% reduction in processing fees is expected to ease the financial burden on businesses seeking to renew their product registrations.
A joint report by the Small and Medium Enterprises Development Agency of Nigeria and the National Bureau of Statistics revealed that approximately 39.6 million MSMEs were operating in the country as of December 2020. This highlights the significance of initiatives like NAFDAC’s fee reduction in supporting the vast number of MSMEs contributing to Nigeria’s economy.
Source: Punch Newspaper