NAFDAC Slashes Processing Fees For Locally Made Goods

The National Agency for Food and Drug Administration and Control (NAFDAC) has implemented strategies to assist Micro, Small, and Medium Enterprises (MSMEs) in navigating the temporary economic challenges resulting from the removal of the fuel subsidy.

VerseNews reports that the NAFDAC’s Director-General, Mojisola Adeyeye, revealed that the agency had reduced administrative charges for late renewal of NAFDAC-regulated products, aiming to create a more investment-friendly business environment.

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.

Adeyeye emphasized that NAFDAC will continue adopting practical measures to support MSMEs, ensuring their growth is not significantly impacted.

The agency’s response includes a 10% review of tariff structure for facility and inspection fees in Special Economic Zones.

Adeyeye expressed the agency’s commitment to backing MSMEs during these challenging times, fostering innovation and growth in the sector.