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NAFDAC crashes admin charges by 65% to boost investment

By Stanley Onyeka

The National Agency for Food and Drug Administration and Control, yesterday, said it has slashed the current administrative charges for late renewals of NAFDAC-regulated products by a whopping 65% to make the business environment more investment-friendly in a quick response to global realities.

NAFDAC said the response also includes strategies to help Micro Small and Medium Enterprises (MSMEs) to survive the economic fallouts from the removal of fuel subsidy.

A statement signed by the NAFDAC Director-General, Prof. Mojisola Adeyeye, said the new set of strategies are meant to enhance the ease of doing business in Nigeria.

Mrs Adeyeye said: “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).

Also, foreign products will attract 45% of the processing or $450.

She continued: “In addition, the Agency has also granted a 10 per cent review of tariff structure for facility and inspection fees for special economic zones as businesses across the world confront the disruptions caused by the global economic meltdown.

“NAFDAC will continue to adopt and implement practical measures to ensure that the projected growth in the MSMEs sector is not seriously affected by the development.”

In addition, the Agency has also granted a 10 per cent review of tariff structure for facility and inspection fees for special economic zones as businesses across the world confront the disruptions caused by the global economic meltdown.

She further explained that the response is not just “to give succour and assistance to existing MSMEs, but also ensure that there is practical and active fillip to new MSMEs. This will ensure that the growth of the sector is not discouraged by the current economic trauma.”

She reassured that as a regulatory body, NAFDAC is prepared to back MSMEs and other businesses that are ready for the innovative and interesting times ahead.

“We have no excuse not to be one of the most productive and prolific economies in the world. We hope to achieve this aim in the incredible numbers of MSMEs that we have,” she said.

According to her, such interventions are not new but an extension or intensification of the Federal Government’s long-standing commitment to MSMEs. (NAN)

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