The federal government has announced the approval of 80 percent discount for registration of micro, small and medium enterprises (MSMEs) that are into production of foods, drugs, and related consumables over a period of 180 days.
This was disclosed by Vice President Yemi Osinbajo on Friday at the virtual launch of palliatives for MSMEs by the National Agency for Food and Drug Administration and Control (NAFDAC).
This is part of the FG efforts to adopt and implement practical measures to ensure that the projected growth in the sector is not seriously affected by the COVID-19 pandemic development which has affected various sectors and the economy by extension.
The VP, who also heads the Economic Sustainability Committee, said, “It is of importance to the government’s response was to find ways of not just giving succour and assistance to existing MSMEs but also ensuring that there is a practical and active fillip to new MSMEs so that the growth of this sector is not discouraged by the current economic trauma.”
The new businesses will also be able to process product registration remotely, using the NAFDAC’s e-Registration assistance for MSMEs through the Automated Product Administration and Monitoring System NAPAMS.
It was also added that the first 200 micro and small businesses to register on the e-platforms will do so at zero cost.
In view of current economic challenges faced by businesses due to the pandemic, the government has also authorised NAFDAC to grant waiver on administrative charges for overdue/late renewal of expired licenses of products for a period 90 days.
“It is quite clear that the President is committed to supporting existing MSMEs and encouraging the rise of new ones, as a sure way energizing and sustaining our economy through these times,” Mr Osinbajo noted.
Speaking further, the VP then urged other regulatory agencies involved in the MSMEs sector to improve on their service delivery noting that the Buhari-led administration expect to see from them in terms of innovation, adaptability in the next few months and through the challenges that we will be seeing in a business environment.
