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Business

NAFDAC engages MSMEs to grow economy

NAFDAC has committed to engaging MSMEs to harness the potential of trade and investment for economic growth and sustainability.

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Why NAFDAC may sanction bakeries nationwide, NAFDAC destroys fake products valued at N1.32 billion, COVID-19: NAFDAC to grant emergency approval for necessary products

The National Agency for Food and Drug Administration and Control (NAFDAC) is committed to engaging and encouraging the Micro, Small and Medium Enterprises (MSMEs) to exploit the huge potentials in the trade and investment sectors for economic growth and sustainability.

This assertion was made by the NAFDAC’s Director-General, Prof. Mojisola Adeyeye, at the National Trade and Investment Summit in Lagos, as he emphasized the need for strategic collaboration in the interest of MSMEs for the development and growth of the economy.

According to her, NAFDAC in collaboration with other relevant stakeholders are keen and fully committed to the implementation of the African Continental Free Trade Agreement as soon as it comes into effect, considering that it would engender competitiveness in the operations of MSMEs in the economy’s non-oil sector.

In her own words, “This is in addition to her advocacy on the need to improve all the national and regulatory infrastructures that will reduce the cost of production and make the MSME products competitive in the AfCFTA area. All our operations are set and ready to accommodate AfCFTA.”

(READ MORE:COVID-19: NAFDAC to grant emergency approval for necessary products)

According to the Vice President, Prof. Yemi Osinbajo, “MSMEs are the bedrock of Nigeria’s industrialization and inclusive economic development, and the most important component of industrialization as set out in the Economic Recovery and Growth Plan.”

What this means

For the fragile economy of Nigeria to remain resilient, the ongoing reforms for the MSMEs to take their place in achieving the desired transformation and the diversification from oil to non-oil products must be pursued vigorously and must be prioritized.

If the needed impetus is granted, as well as the enabling environment provided, MSMEs could get the country out of the present predicament of the unacceptable rate of unemployment, illicit financial engagements, insecurity, political and social violence.

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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