The National Agency for Food and Drug Administration and Control (NAFDAC) has reduced by 65% the registration renewal fees for Micro, Small, and Medium Enterprises (MSMEs) in the country.
The agency, in a statement signed by its Director-General, Prof. Mojisola Adeyeye, also outlined other measures to enhance the ease of doing business in Nigeria and ensure the resilience of MSMEs in the face of the economic hardship occasioned by the recent removal of fuel subsidy.
The Director-General maintained that the agency’s proactive response aims to alleviate the financial burden on MSMEs and foster a more conducive business environment in the country.
The revised administrative charges specifically target the late renewal of NAFDAC-regulated products, signalling a significant reduction for both locally manufactured and foreign products.
The agency stated: “For locally manufactured products, the processing fee for registration renewal has been slashed to N44,200, reflecting a substantial 65% decrease from the previous charges.
“Similarly, foreign products will benefit from a 45% reduction, bringing the processing fee down to $450. This strategic move is poised to enhance the ease of doing business in the country and provide a critical lifeline to MSMEs navigating economic uncertainties.
“In addition to the processing fee adjustments, NAFDAC has granted a 10% review of tariff structure for facility and inspection fees designated for Special Economic Zones (SEZs). This comprehensive package of support underscores NAFDAC’s commitment to actively contribute to the growth of MSMEs in Nigeria”, it added.
Adeyeye stressed that the reduction in processing fees was not merely a financial reprieve but a thoughtful and strategic response to the challenges faced by MSMEs during these trying times, adding that the agency sees this as a vital step in supporting both existing and new MSMEs, ensuring that they remain resilient in the face of economic adjustments resulting from the fuel subsidy removal.
