The National Agency for Food and Drug Administration and Control (NAFDAC) has announced the implementation of strategies aimed at assisting Micro, Small, and Medium Enterprises (MSMEs) in navigating the economic challenges resulting from the removal of fuel subsidies.
In a statement released to the media on Monday in Abuja, Prof. Mojisola Adeyeye, the Director-General of the agency, conveyed this information.
Adeyeye disclosed that the newly implemented strategies aim to assist MSMEs in navigating the economic challenges resulting from the removal of fuel subsidies, thereby enhancing the business environment in Nigeria.
She noted that the agency promptly reduced the existing administrative charges for the belated renewal of NAFDAC-regulated products to foster a more investment-friendly atmosphere in response to current realities.
“This translates to a 65 per cent decrease in processing fees for the renewal of registration for locally manufactured products (which will be N44,200).
“This is against what is currently charged and 45 per cent of the processing fee for foreign products (which will be $ 450) as against what is currently charged,” she added.