The National Agency for Food and Drug Administration and Control (NAFDAC) has implemented strategies to assist Micro, Small, and Medium Enterprises (MSMEs) in navigating the temporary economic challenges resulting from the removal of the fuel subsidy.
NAFDAC’s Director-General, Mojisola Adeyeye, revealed that the agency had reduced administrative charges for late renewal of NAFDAC-regulated products, aiming to create a more investment-friendly business environment.
The processing fees for renewal of registration for locally manufactured products have decreased by 65%, while foreign products will experience a 45% reduction.
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Adeyeye emphasized that NAFDAC will continue adopting practical measures to support MSMEs, ensuring their growth is not significantly impacted.
The agency’s response includes a 10% review of tariff structure for facility and inspection fees in Special Economic Zones.
Adeyeye expressed the agency’s commitment to backing MSMEs during these challenging times, fostering innovation and growth in the sector.
