NAFDAC Offers MSMEs 80% Discount On Product Registration

In a bid to support the Micro Small and Medium Enterprises, MSMEs, the Nationa Agency for Food and Drug Administration and Control, NAFDAC, is offering discount to enable businesses in this class to register their products.

Vice President Yemi Osinbajo announced the discount in tweets shared on his Twitter handle on Saturday.

According to the vice president, the agency will offer MSMEs an 80 per cent discount for a period of six months to register their products.

“Thanks to NAFDAC’s automated product administration & monitory systems, MSMEs can now register & certify their products at an 80 per cent discount rate for the period of six months,” Osinbajo wrote.

Other measures include zero tariffs for first 200 people on the platform and a waiver of late admin charges.”

Explaining the need for the palliatives, Mojisola Adeyeye , NAFDAC director-general, said: “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.”

Adeyeye said the fines on those companies that had already registered but yet to renew their licences would also be waived to encourage growth.

This is the second discount given to MSMEs in recent times; the first being a flat rate of N5,000 to register business names with the Corporate Affairs Commission (CAC) from October 2018 to March 2019.

The Muhammadu Buhari-led administration has been making efforts to improve Nigeria’s ease of doing business and set up the presidential enabling business environment council (PEBEC) to remove bottlenecks in the business environment and attract investments.