The National Agency for Food and Drug Administration and Control (NAFDAC) has reviewed its charges regime for Micro, Small and Medium Enterprises (MSMEs) in conformity with the global economic realities.
The agency said the downward review of the processing fees for the renewal of locally manufactured and foreign products was aimed at encouraging investment and boosting the Nigerian healthcare sector amid the global economic downturn
Rising from its last national council meeting, the agency reduced the extant processing fees for the renewal of registration for locally manufactured products by 65 percent to N44,200 from N68,000 while the processing fee for foreign products witnessed a 45 percent reduction to $450 from $1,000.
A 10 percent review of tariff structure for facility and inspection fees for Special Economic Zones (SEZs) has also been granted.
Prof. Mojisola Adeyeye, the Agency’s Director General (DG) said the review was aimed at helping MSMEs survive the temporary economic fallouts of fuel subsidy removal and enhance the ease of doing business in Nigeria.
In a statement on Sunday, December 31, by the Resident Media Consultant, Sayo Akintola, the downward review of the administrative charges for late renewal of NAFDAC-regulated products is to make the business environment more investment-friendly in a quick response to the realities of the time.
Read Also: Excessive litigation over electoral outcome eroding people’s confidence in leadership
While noting that as businesses across the world confront the disruptions caused by the global economic meltdown, the DG assured that NAFDAC would 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 was quoted as saying, “The response of the Agency was not just to give succour and assistance to existing MSMEs, but also ensure that there is a practical and active fillip to new MSMEs so that the growth of this sector is not discouraged by the current economic trauma.
“This is our moment and NAFDAC as a regulatory agency is prepared to back MSMEs and other businesses that are prepared for the innovative and interesting times that lie ahead of us.
‘’We have no excuse not to be one of the most productive and prolific economies in the world. We hope to achieve this aim in the incredible numbers of MSMEs that we have.”
While describing NAFDAC palliatives for MSMEs as a thoughtful and strategic response to the realities of the present time, she added, “These are all indicators of the new spirit of NAFDAC and foretaste of the support MSMEs stand to enjoy in wading through these trying times.
“But this is not a new undertaking for us. It is merely an extension or intensification of the federal government’s long-standing commitment to MSMEs.”