The National Agency for Food and Drug Administration and Control (NAFDAC) has introduced measures to aid micro, small, and medium enterprises (MSMEs) amid the economic challenges of the removal of fuel subsidies. NAFDAC’s Director-General, Mojisola Adeyeye, announced these strategies to support MSMEs and enhance the business environment.
The agency has lowered administrative charges for late renewal of NAFDAC-regulated products, resulting in a 65% reduction for locally manufactured products (now N44,200) and a 45% decrease for foreign products (now $450). Additionally, NAFDAC has given a 10% review of the tariff structure for facility and inspection fees in Special Economic Zones. Adeyeye emphasized NAFDAC’s commitment to resilient MSME growth despite economic challenges. The agency aims to not only assist existing MSMEs but also encourage the establishment of new enterprises.
NAFDAC is prepared to support businesses during these challenging times, contributing to Nigeria’s economic productivity. The Director-General characterized NAFDAC’s support for MSMEs as a strategic response and continuation of the Federal Government’s commitment. The agency regulates the production, distribution, importation, and registration of various products, ensuring compliance with safety standards.
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