The National Agency for Food and Drug Administration and Control (NAFDAC) has reviewed its charges regime for Micro, Small, and Medium Enterprises (MSMEs) in conformity with the global economic realities.
The agency said the downward review of the processing fees for the renewal of locally manufactured and foreign products was aimed at encouraging investment and boosting the Nigerian healthcare sector amid the global economic downturn
Rising from its last national council meeting, the agency reduced the extant processing fees for the renewal of registration for locally manufactured products by 65 percent to N44,200 from N68,000 while the processing fee for foreign products witnessed a 45 percent reduction to $450 from $1,000.
A 10 percent review of tariff structure for facility and inspection fees for Special Economic Zones (SEZs) has also been granted.
Prof. Mojisola Adeyeye, the Agency’s Director General (DG) said the review was aimed at helping MSMEs survive the temporary economic fallouts of fuel subsidy removal and enhance the ease of doing business in Nigeria.
In a statement on Sunday, December 31, by the Resident Media Consultant, Sayo Akintola, the downward review of the administrative charges for late renewal of NAFDAC-regulated products is to make the business environment more investment-friendly in a quick response to the realities of the time.
While noting that as businesses across the world confront the disruptions caused by the global economic meltdown, the DG assured that NAFDAC would continue to adopt and implement practical measures to ensure that the projected growth in the MSMEs sector is not seriously affected by the development.
