The National Agency for Food and Drug Administration and Control, NAFDAC, says it has reduced the cost of business registration for Micro, Small and Medium Enterprises, MSMEs, to enhance ease of doing business in the country.
The reduction in the cost of registering businesses, the agency said, is to further boost the economy and create employment in the country.
The Acting Director-General of the Agency, Mr Ademola Mogbojuri, disclosed this during a Stakeholders Consultative Forum, yesterday, in Uyo, the Akwa Ibom State capital.
Mogbojuri, who was represented by the Director of Special Duties, Dr Abubakar Jimoh, said the move is in line with Federal Government’s directive to the agency to reduce hurdles of business doing business in the country by MSMEs.
He said that there has been a paradigm shift by the agency to add more value to the economy apart from the mandate of regulating products. According to him, the MSMEs have contributed about 49 percent to the country’s Nominal Gross Domestic Products, stressing that challenges confronting these sectors must be tackled to create jobs for the teeming youth.
“In line with its enabling Act Cap N1 Laws of the Federation of Nigeria (LFN) 2004, the agency is mandated to regulate and control the manufacturing sector and imported goods.”