NAFDAC reduces processing fees for locally made goods

NAFDAC reduces processing fees for locally manufactured products

The National Agency for Food and Drug Administration and Control announced that it has revised downwards the current administrative burdens for late renewal of NAFDAC-regulated products to make the business environment more investment-friendly in a rapid response to the realities of the times.

The Director-General of the agency, Mojisola Adeyeye, said the decision was taken to implement strategies to help Micro Small and Medium Enterprises survive the temporary economic fallout occasioned by the removal of fuel subsidies.

Adeyeye said;

“This translates into a 65 percent reduction in processing fees for renewal of registration of locally manufactured products (which will be N44,200).

This is versus what is currently charged and 45 percent of the processing fee for foreign products (which will be $450) versus what is currently charged.

“In addition, the agency has also granted a 10 percent review of the tariff structure for installation and inspection fees for Special Economic Zones (SEZs), as companies around the world face the disruptions caused by the global economic collapse.

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

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

Source: www.lindaikejisblog.com

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