How NAFDAC plans to support MSME for economic growth in 2024

 "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,”

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How NAFDAC plans to support MSME for economic growth in 2024
Prof. Mojisola Adeyeye Director-General, National Agency for Food and Drug Administration and Control (NAFDAC)

The National Agency for Food and Drug Administration and Control (NAFDAC) says it has rolled out strategies to help Micro Small and Medium Enterprises (MSMEs) to survive the temporary economic fallouts from fuel subsidy removal.

This is contained in a statement signed by the Director-General of the agency, Prof. Mojisola Adeyeye, and issued to newsmen on Monday in Abuja by Mr Olusayo Akintola, NAFDAC media consultant.
Adeyeye disclosed that the new set of strategies was targeted to help MSME to survive the economic situation from the fuel subsidy removal, to enhance the ease of doing business in Nigeria.
Adeyeye said that the agency had 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.
“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).
This is against what is currently charged and 45 per cent 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 per cent 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,” she stated.
The NAFDAC boss further explained that the response of the agency was 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 said it was the right moment for the agency and that NAFDAC, as a regulatory body, was prepared to back MSMEs and other businesses that were 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.
The DG 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 in support of support MSMEs in the trying times.
According to her, this is not a new undertaking for the agency; it is merely an extension or intensification of the Federal Government’s long-standing commitment to MSMEs.
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