NAFDAC Slashes Registration Renewal Fees for MSMEs by 65%

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Amazin Zion

Amazin Zion

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The National Agency for Food and Drug Administration and Control (NAFDAC), known for controlling all food processes nationwide, has announced a 65% reduction in the registration renewal fees for Micro, Small, and Medium Enterprises (MSMEs).

The Food Agency revealed this in a statement signed by Prof. Mojisola Adeyeye, the Director-General of NAFDAC. The commission also announced other measures to boost the ease of doing business in Nigeria and ensure the resilience of MSMEs despite the growing economic hardship that has affected the country since the removal of fuel subsidy by President Bola Tinubu.

Throwing more light on the topic, NAFDAC's DG said that the agency has implemented proactive measures to address the lack of finances for MSMEs and further grow a more conducive and robust business environment in Nigeria.

As reported, the revised administrative charges specifically target the late renewal of NAFDAC-regulated products, signaling a significant reduction for local and foreign products.

NAFDAC’s Strategies For MSMEs​

  • 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, lowering the processing fee 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 the tariff structure for facility and inspection fees designated for Special Economic Zones (SEZs). This comprehensive support package underscores NAFDAC’s commitment to actively contributing to the growth of MSMEs in Nigeria.
The DG of NAFDAC said that the reduction in processing fees is not merely a financial reprieve but a thoughtful and strategic response to the challenges faced by MSMEs during these trying times.

The food agency sees this as an innovative step in supporting new and existing MSMEs to ensure they remain resilient in the face of economic hardship that rose following the removal of fuel subsidies.

Read more: https://www.investingport.com/nafdac-slashes-registration-renewal-fees-for-msmes-by-65/
 
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