Business is booming.

NAFDAC Implements Measures to Support MSMEs Amid Economic Challenges

By Faridat Salifu

The National Agency for Food and Drug Administration and Control (NAFDAC) has unveiled strategic initiatives to assist Micro Small and Medium Enterprises (MSMEs) in navigating the economic impact of the fuel subsidy removal.

In a statement issued by the Director-General of NAFDAC, Mojisola Adeyeye, on Monday in Abuja the agency aims to provide support to MSMEs and enhance the ease of doing business in Nigeria during these challenging times.

As part of these measures, NAFDAC has reduced processing fees for the renewal of registration for locally manufactured products by 65% and foreign products by 45%.

Adeyeye highlighted the agency’s commitment to creating an investment-friendly environment by lowering administrative charges for late renewal of NAFDAC-regulated products.

Additionally, NAFDAC has implemented a 10% review of tariff structure for facility and inspection fees for Special Economic Zones, in response to the global economic challenges faced by businesses.

The agency’s focus on supporting both existing and new MSMEs reflects its dedication to ensuring the growth of the sector is not hampered by the prevailing economic conditions.

Adeyeye emphasized NAFDAC’s readiness to provide practical and active support for businesses, particularly MSMEs, as they navigate the current economic landscape.

The initiatives introduced by NAFDAC signal a deliberate and strategic response to the challenges faced by MSMEs, demonstrating a new spirit of support from the regulatory body.

This move aligns with the Federal Government’s longstanding commitment to MSMEs and underscores NAFDAC’s role in bolstering the growth and productivity of the economy.

NAFDAC’s responsibilities encompass controlling and regulating the distribution, advertisement, exportation, importation, manufacture, and registration of various products, including drugs, chemicals, consumable goods, cosmetics, biological and medical services.

The agency’s support for MSMEs through these initiatives underscores its dedication to fostering a conducive environment for businesses and upholding regulatory standards within the industry.

 

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