Connect with us

Hi, what are you looking for?

Broadcasting

NAFDAC reduces processing fees for locally made goods

NAFDAC-DG-Prof.-Mojisola-Adeyeye 2

National Agency for Food and Drug Administration and Control has announced that it has reviewed downward, the present administrative charges for late renewal of NAFDAC-regulated products to make the business environment more investment-friendly in a quick response to the realities of the time.

Director-General of the agency, Mojisola Adeyeye, said the decision was taken to roll out strategies to help Micro Small and Medium Enterprises survive the temporary economic fallouts occasioned by the fuel subsidy removal.

Adeyeye said; “This translates to a 65 percent 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 percent of the processing fee for foreign products (which will be $ 450) as against what is currently charged.

“In addition, the agency has also granted a 10 percent review of tariff structure for facility and inspection fees for Special Economic Zones (SEZs) 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.”

Adeyeye added that the decision will ensure that the growth of the sector is not discouraged by the current economic trauma. She added that it is the right moment for the agency and that NAFDAC, as a regulatory body, is prepared to back MSMEs and other businesses that are ready for the innovative and interesting times ahead.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

News

European Commission has imposed landmark fines on tech giants Apple and Meta in the first enforcement actions under the Digital Markets Act (DMA), a...

News

With progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, the Shared Agent Network Expansion Facilities Limited (SANEF) has posited...

Tech

Meta has announced new measures to tackle spammy content on Facebook, aiming to enhance the Feed experience and support authentic creators. These updates are...

News

Nigerians have lost N4.8 trillion ($2.99 billion) to various scams since 2016, according to findings by Paul Alaje, a prominent Nigerian economist and chief...