The National Agency for Food, Drugs Administration and Control (NAFDAC), is cutting its registration fees for SMEs by 80%. The discount is targeted at businesses involved in the production of food and drugs and will last for six months.
Vice President Yemi Osinbajo announced this on Friday via his Instagram handle.
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“Starting today, our MSMEs can now process the registration of their products with NAFDAC from the comfort of their homes, and at an 80% discounted rate over a period of six months,” he said.
“This is thanks to NAFDAC’s e-Registration assistance for MSMEs through the Automated Product Administration and Monitoring System (NAPAMS).”
He said that the policy was being introduced in response to the current economic situation brought about by the COVID-19 pandemic.
“Of importance to government response…was to find ways of not just give succor and assistance to existing SMEs but also ensuring that practical and active fair leap to new SMEs, so as not to discourage growth in the sector,” the vice president explained.
“The government of Nigeria is prepared to back businesses that are prepared for the innovative and interesting times ahead of us.”
Mr. Osinbajo also announced that the first 200 SMEs to register on the NAFDAC e-platform would get zero tariffs and would be granted “waivers on administrative charges overdue for a period of 90 days.”
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He further commended the Director-General of NAFDAC, Professor Mojisola Christianah Adeyeye, and her team for coming up with the policy. He described it as “thoughtful and strategic.”
In 2019, the agency had cut its product registration fee by 50%. Officials at the time said the discount was in line with the Ease of Doing Business policy of the Federal Government.
The latest reduction in registration fees is one of several strategies devised by the current administration to manage the impact of the COVID-19 pandemic on Nigeria’s economy. The government had earlier announced low-interest loans for businesses negatively affected by the economic disruption.
More recently, it disclosed a ₦102 billion direct intervention fund for the healthcare sector.
Other measures include a proposed Stimulus Bill which, among other things, extends the moratorium on mortgage payments to the Federal Mortgage Bank of Nigeria (FMBN), and extensions to deadlines for filing tax returns to the FIRS and SIRS.
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Just what I have been waiting for. Nice move.