FG GRANTS NEW MSMES 80% DISCOUNT ON NAFDAC REGISTRATION

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“It is quite clear that the President is committed to supporting existing MSMEs and encouraging the rise of new ones, as a sure way energizing and sustaining our economy through these times.” –Osinbajo

The Federal Government has announced that new Micro Small and Medium Enterprises (MSMEs) will access National Agency for Food and Drugs Administration and Control (NAFDAC) registration of their products at an 80% discount, over the next 6 months.

Eligibility: This concession covers MSMEs that are into production of foods, drugs, and related consumables.

Vice President and Head of the Economic Sustainability Committee, Professor Yemi Osinbajo, announced this on his Instagram handle on Friday night.

“Of importance to government response, therefore, was not just to find a way of giving succour and assistance to existing MSMEs, but also ensuring that there is practical and active palliatives to new MSMEs so that the growth of the sector is not discouraged by the current economic trauma,” he said.

The new businesses will also be able to process product registration remotely, using the NAFDAC’s e-Registration assistance for MSMEs through the Automated Product Administration and Monitoring System NAPAMS.

Other palliatives: As an added incentive, the first 200 micro and small businesses to register on the e-platforms will be allowed to do it at no cost – zero tariffs.

In view of current economic challenges faced by businesses due to the pandemic, the government has also authorised NAFDAC to grant waiver on administrative charges for overdue/late renewal of expired licenses of products for a period 90 days.

It is quite clear that the President is committed to supporting existing MSMEs and encouraging the rise of new ones, as a sure way energizing and sustaining our economy through these times” Osinbajo noted.

He thanked the Director General of NAFDAC and the team for their thoughtful and strategic response to the economic devastation caused by the pandemic, especially on small businesses in Nigeria.

The Vice President also assured business owners that the government of Nigeria and its regulatory agencies are “prepared to back MSMEs and businesses that are prepared for the innovative and interesting times that lie ahead of us.”