The National Agency for Food and Drug Administration and Control (NAFDAC) has announced a reduction in the administrative charges for the late renewal of NAFDAC-regulated products. This decision aims to create a more investment-friendly business environment and respond swiftly to the economic challenges brought about by the removal of fuel subsidies.
Mojisola Adeyeye, the Director-General of NAFDAC, stated that the move is part of the agency's strategy to support Micro, Small, and Medium Enterprises (MSMEs) facing temporary economic challenges. The new pricing structure represents a 65 percent decrease in processing fees for the renewal of registration for locally manufactured products (now N44,200) and a 45 percent reduction for foreign products (now $450).
In addition, NAFDAC has granted a 10 percent review of the tariff structure for facility and inspection fees for Special Economic Zones (SEZs). This adjustment comes as businesses globally grapple with disruptions caused by the ongoing global economic downturn.
Adeyeye emphasized that NAFDAC remains committed to adopting practical measures to safeguard the growth of the MSMEs sector during these challenging times. The agency aims to ensure that the economic trauma does not discourage the growth of the sector. Adeyeye noted that NAFDAC is ready to support MSMEs and other businesses navigating the innovative and challenging times ahead as a regulatory body.
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