The National Agency for Food and Drug Administration and Control (NAFDAC) has announced a significant reduction in administrative charges for late renewal of regulated products, aimed at fostering industrial growth in Nigeria. The downward review constitutes a 65% decrease in processing fees for locally manufactured products and a 45% reduction for foreign products, fostering a more investment-friendly environment.
In a statement by NAFDAC’s Resident Media Consultant, Sayo Akintola, the agency affirmed its commitment to assisting micro, small, and medium enterprises (MSMEs) in overcoming economic challenges. The Director General, Prof. Mojisola Adeyeye, outlined the agency’s efforts, including a 10% review of tariff structure for facility and inspection fees for Special Economic Zones (SEZs).
Prof. Adeyeye emphasized NAFDAC’s dedication to not only supporting existing MSMEs but also incentivizing new ventures despite the ongoing economic uncertainties. She articulated the agency’s proactive measures to facilitate and enhance the growth of MSMEs in Nigeria’s economic landscape.
Expressing confidence in Nigeria’s potential, Adeyeye asserted that NAFDAC stands ready to offer substantial support to MSMEs, aligning with the Federal Government’s commitment to fostering a productive and prolific economy. The move by NAFDAC signifies a strategic response tailored to address the present economic realities and uplift MSMEs, showcasing the agency’s unwavering commitment to supporting these businesses.
