Business

SMEs: NAFDAC waives 50% on registration fee

SMEs: NAFDAC waives 50% on registration fee

Yetunde Oni, Acting Director-General, National Agency for Food and Drug Administration.

Jimoh explained that it was a new policy of the agency under the leadership of its acting Director-General, Mrs Yetunde Oni.

The National Agency for Food, Drug Administration and Control (NAFDAC) says it has waived 50 per cent on registration fee for locally manufactured products to promote Small and Medium Scale Enterprises (SMEs).

The NAFDAC spokesperson, Dr Abubakar Jimoh, told the News Agency of Nigeria (NAN) in Abuja on Friday that the measure would go a long way to promote economic development.

Jimoh explained that it was a new policy of the agency under the leadership of its acting Director-General, Mrs Yetunde Oni.

He said that the measure was in response to Federal Government’s policy to promote locally manufactured companies in order to boost the economy of the country.

Jimoh said that in the past, a lot of people and some licensed consultants had extorted money from innocent Nigerians in the name of NAFDAC registration.

“Sometime back, we discovered that a lot of people were extorting money from Nigerians for registration fee of products. We decided to license some consultants who are professionals."

“But those unscrupulous elements fizzled into the consultancy firm that registered with us and continued their extortion from potential entrepreneurs."

“They collect as much N250,000 to N300,000 for registration of less than N50,000, claiming that part of the money will be used to settle NAFDAC officials."

“The agency has taken decision to stop them after the expiration of their licenses; we will stop them and deal directly with intending manufacturers,” he said.

Jimoh explained that in the last seven years, the former NAFDAC director-general, Dr Paul Ohi, introduced a policy that all young graduates willing to establish businesses would be given waiver.

He said that the policy was still in existence but young graduates from NYSC were not taking such advantage.

The spokesperson noted that NAFDAC recently established a Small Business Desk to guide people going into SMEs on how to set up their small factories.

Source: Business

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

More in Business

TCN: Company raises $2billion for 20,000mw expansion

adminAugust 21, 2017

Oil And Gas: US Agency approves N360m grant for development of modular refinery in Nigeria

adminAugust 14, 2017

Power Generation: FG commissions 1,000 km gas pipeline

adminAugust 7, 2017

Kemi Adeosun: 10 things Finance Minister said about paying tax

adminAugust 7, 2017

CBN: Apex bank injects $195M forex intervention

adminJuly 31, 2017

Godwin Emefiele: CBN not ready to cut interest rates, says Governor

adminJuly 24, 2017

CBN: Apex bank boosts foreign exchange supply with $195M

adminJuly 17, 2017

National Bureau of Statistics: Nigeria’s inflation drops to 16.10 % in June – agency

adminJuly 17, 2017

Introducing TEDxYaba 2017: Maryam Uwais, Omobola Johnson, Seni Sulyman, Lala Akindoju, Judith Okonkwo and more to speak at the Event

adminJuly 17, 2017

Copyright © 2016 NigeriaOnline.