The National Agency for Food and Drug Administration and Control (NAFDAC) has introduced measures to support Micro, Small, and Medium Enterprises (MSMEs) facing economic challenges due to the removal of the fuel subsidy.
In a statement, the Director-General of NAFDAC, Mojisola Adeyeye, outlined strategies to help MSMEs navigate the economic impact of the subsidy removal and improve the business environment.
Adeyeye said, “The agency has reduced administrative charges for late renewal of NAFDAC-regulated products, resulting in a 65 percent decrease in processing fees for locally manufactured products and a 45 percent reduction for foreign products. Additionally, a 10 percent review of tariff structure for facility and inspection fees for Special Economic Zones has been granted.”
Adeyeye described NAFDAC palliatives for MSMEs as a thoughtful and strategic response to the realities of the present time, adding that those were indicators of the new spirit of NAFDAC and foretaste of the support for MSMEs in the trying times.