In a swift response to the realities of the time, the National Agency for Food and Drug Administration and Control (NAFDAC) announced that it has reduced the current administrative charges for late renewal of NAFDAC-regulated products in order to make the business environment more investment-friendly.
Mojisola Adeyeye, the agency’s Director-General, stated that the decision was made to implement methods to assist Micro, Small, and Medium Enterprises in surviving the temporary economic impact caused by the cessation of gasoline subsidies.
Adeyeye said; “This translates to a 65 per cent decrease in processing fees for the renewal of registration for locally manufactured products (which will be N44,200).
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“This is against what is currently charged and 45 per cent 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 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.
“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 went on to say that the move will ensure that the sector’s expansion is not stifled by the current economic crisis. She went on to say that the time is ripe for the agency and that NAFDAC, as a regulatory body, is ready to support MSMEs and other firms that are ready for the innovative and exciting times ahead.