The Nigerian Vice President and Head of the Economic Sustainability Committee, Professor Yemi Osinbajo has announced that over the next six months, Micro Small and Medium Enterprises (MSMEs) can now register and certify their products with National Agency for Food and Drugs Administration and Control (NAFDAC) from the confines of their homes at an 80% discount.
In an announcement made via his Instagram handle, the VP mentioned that MSMEs involved in the production of foods, drugs, and related consumables are eligible for the discount. The announcement reads:
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. This is thanks to NAFDAC’s e-Registration assistance for MSMEs through the Automated Product Administration and Monitoring System (NAPAMS). Also, in recognition of the current economic challenges, we commissioned additional NAFDAC palliatives for Micro/Small businesses, which includes zero tariffs for the first 200 micro and small businesses to register on the e-platform, and 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. We reserve special commendation to the DG of NAFDAC and her team for this thoughtful and strategic response to the devastation that the COvid 19 pandemic has caused to businesses, especially MSMEs.
Using the NAFDAC’s e-Registration assistance for MSMEs through the Automated Product Administration and Monitoring System NAPAMS, new businesses will be able to process the registration of their products.
Additionally, there will be zero tariffs for the first 200 micro and small businesses that register on the e-platforms.
Due to the coronavirus pandemic that has disrupted the operation of many businesses, the incentive also includes a waiver on administrative charges for late renewal of expired licenses of MSMEs products for a period of 90 days.
The VP mentioned that all of these are part of NAFDAC’s measures to support MSMEs during the coronavirus pandemic.
“It is quite clear that the President is committed to supporting existing MSMEs and encouraging the rise of new ones, as a sure way of energizing and sustaining our economy through these times.
“As businesses confront the disruptions caused by the Coronavirus, the Federal Government will continue to adopt and implement practical measures to ensure projected growth is not affected by the COVID-19 disruptions,” Professor Yemi said.
In recent times, there have been some noteworthy activities from the federal government of Nigeria to help small and medium businesses scale through this period.
Previously, we reported that the federal government through the Central Bank of Nigeria introduced a stimulus package to help families and MSMEs affected by the coronavirus outbreak.
With the different measures in place by the federal government during this period, including the 80% discount, it will be interesting to see the impact of these initiatives on businesses post-COVID-19.
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