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Business News

FG grants new MSMEs 80% discount on NAFDAC registration

“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

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PwC's MSME Survey 2020

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.

READ ALSO: LSETF suspends loan repayment for SMEs, startups amidst lockdown

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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 also 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.

A post shared by Professor Yemi Osinbajo (@profosinbajo) on

“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.

READ ALSO: FG to disburse N97.3 billion to tech innovators, agric enterprises

Sigma Pensions

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.”

Stanbic 728 x 90

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

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    Business

    Lagos State seeks investors in aquatic and livestock agriculture value chain

    The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap.

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    Lagos State begins recruitment for Agripreneurship programme, Sanwo-Olu confirms Abisola Olusanya as new Agriculture commissioner

    The Lagos State Government announced it is seeking private sector collaboration for Agriculture sector value chain development in livestock feed mills, fisheries and red meat.

    This was disclosed by the State Commissioner for Agriculture, Ms Abisola Olusanya, in a statement on Sunday in Lagos.

    The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap, as the State identified the 3 main sectors for value chain disruption.

    She also added that investment in the sectors would also develop jobs for the industry and boost the State’s GDP growth, through Private Sector collaboration as Lagos residents consume over N5 trillion worth of food annually.

    “The objective is to stimulate and encourage more public-private partnerships in the three value chains,” she said.

    “When you consider this pool of transactions happening in Lagos, it shows that we are the market. For instance, we demand over 400,000 metric tons of fish on an annual basis.

    “But our fishermen and our aquaculture farmers are only able to produce just about 174,000 metric tons with deficit of 200,000 metric tons,” she added.

    She also disclosed that the state has 9,000 artisanal fishermen, and bringing more youths into the space will increase the level of fish and seafood being harnessed from our water bodies. Looking at the transactional value on an annual basis, the fisheries sector is worth well over N120billion according to her.

    Sigma Pensions

    In case you missed it: Nigeria exported agricultural products worth N321.5 billion in 2020, representing a 19.16% increase when compared to N269.8 billion recorded in 2019 and a 6.27% increase compared to N302.28 billion recorded in 2018.

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    Business

    #DigitalSkillsTraining: FG announces conclusion of selection process

    Only successful applicants that are contacted by the Ministry are to report at the training venue.

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    President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister, Federal Ministry of Youth and Sports launch DEEL initiative

    The Federal Government through the Ministry of Youth and Sports disclosed that the selection process for the upcoming Digital Skills Training has been concluded for the #DigitalSkillsTraining from April 11th to 30th, 2021.

    This was disclosed in a statement by the Ministry of Youth and Sport on Sunday evening.

    “The Federal Ministry of Youth and Sports Development wishes to inform the general public and all Nigerian Youths that the selection process has been concluded for successful applicants for the #DigitalSkillsTraining scheduled for April 11 to 30, 2021,” the statement said.

    The Ministry added that only successful applicants that were contacted by the Ministry are to report at the training venue. Those who were not successful but arrive at the training would not be admitted.

    Upcoming #DigitalSkillsTraining Programmes of the Ministry will be widely publicized on youthandsport.gov.ng , on : noya.ng and on the Ministry’s social media handles,” the statement added.

    What you should know 

    Recall that Nairametrics reported in November 2020, that the Ministry of Youths and Sports Development announced it will scale up its digital skills training to cover 500,000 youths across the country after securing funding under the COVID-19 stimulus budget.

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