The National Agency for Food and Drug Administration and Control (NAFDAC) has slashed it’s fees for registration of new products by 80 percent.
The discount which was announced by Vice President, Yemi Osinbajo is intended for micro, small and medium scale enterprises to get their products registered with the agency.
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The discount is expected to last for the next six months.
“Thanks to NAFDAC’s automated product administration & monitory systems, MSMEs can now register & certify their products at an 80% discount rate for the period of six months,” Osinbajo wrote on twitter.
“Other measures include zero tariffs for first 200 people on the platform and a waiver of late admin charges.”
The Director General of NAFDAC, Mojisola Adeyeye said this was done as a form of palliatives to business owners because of the present economic realities.
She said the situation has necessitated the need to look inwards and support the country through small scale businesses.
“We did this because times are hard and people are faced with many challenges, this is an opportunity for us to look inward and support the country through MSMEs”.
“Micro, small businesses are significant in terms of driving the country’s economy, without them, our economy may suffer, without them recession might come in.” she said.
She said companies yet to renew their licenses would also have their fines waived by th agency.