In a proactive response to the economic ripples triggered by the removal of fuel subsidies, the National Agency for Food and Drug Administration and Control (NAFDAC) has unveiled a series of strategies aimed at bolstering Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Prof. Mojisola Adeyeye, the Director-General of NAFDAC, revealed these groundbreaking initiatives in a statement shared with the media on Monday. The move signifies a concerted effort by the regulatory body to mitigate the challenges faced by businesses, ensuring the continued vibrancy of the MSME sector amidst economic uncertainties.
One of the pivotal adjustments in NAFDAC’s approach involves a substantial reduction in administrative charges for the late renewal of NAFDAC-regulated products. This reduction, according to Adeyeye, translates to a remarkable 65% decrease in processing fees for the renewal of registration for locally manufactured products, now standing at ₦44,200. Similarly, the processing fee for foreign products sees a 45% reduction, bringing it down to $450. These revisions are poised to make the business environment more conducive and investment-friendly during these challenging times.
- Adeyeye emphasized that the decision to revise these charges swiftly aligns with NAFDAC’s commitment to enhancing the ease of doing business in Nigeria. By providing financial relief through reduced fees, the agency aims to not only support existing MSMEs but also stimulate the growth of new ventures in the face of economic adversity.
In addition to the fee adjustments, NAFDAC has implemented a 10% review of the tariff structure for facility and inspection fees specifically tailored for Special Economic Zones (SEZs). This strategic move recognizes the global economic upheaval and aims to alleviate the burden on businesses grappling with disruptions caused by the prevailing economic challenges.
Adeyeye reassured stakeholders that NAFDAC remains steadfast in adopting and implementing practical measures to safeguard the MSME sector’s projected growth. The commitment to these strategic interventions underscores the agency’s dedication to fostering a resilient business environment that withstands external shocks and uncertainties.
Speaking on the agency’s stance, Adeyeye emphasized that NAFDAC’s role goes beyond providing immediate relief to existing MSMEs. It also extends to actively encouraging the establishment and growth of new enterprises, ensuring that the economic trauma does not dampen the sector’s potential. She asserted that NAFDAC stands ready to support businesses willing to navigate the innovative and challenging times ahead.
As a regulatory body, NAFDAC sees the current economic landscape not as a hurdle but as an opportunity for Nigeria to become one of the most productive and prolific economies globally. Adeyeye expressed confidence in achieving this ambitious goal, especially considering the sheer number of MSMEs that form the backbone of the nation’s economic landscape.
The Director-General characterized NAFDAC’s initiatives for MSMEs as a thoughtful and strategic response to the present economic realities. These measures, she affirmed, exemplify the agency’s newfound spirit and commitment to supporting MSMEs during challenging times. Adeyeye concluded by noting that these initiatives are not a departure from NAFDAC’s ongoing dedication to supporting MSMEs but rather an extension and intensification of the Federal Government’s enduring commitment to fostering the growth of this crucial economic sector.
