Vice President Yemi Osinbajo has issued a set of palliatives by the FG to MSMEs in an effort to minimize the adverse effects of the COVID-19 pandemic on small businesses one of which is the 80% slash on NAFDAc registration of products.
According to him, these palliatives reflect the Buhari administration’s determination to support MSMEs and the priority the Federal Government places on small businesses.
The palliatives are listed as follows;
E-Registration of MSMEs/products at 80% discounted rate over a period of six months.
Zero tariffs for the first 200 micro and small businesses to register on the E-platform.
Waiver on administrative charges for overdue late renewal of expired licenses of micro/small businesses products for a period of 90 days.
The Director General of NAFDAC, Mojisola Adeyeye said this was done as a form of palliatives to business owners because of the present economic realities.
She said the situation has necessitated the need to look inwards and support the country through small scale businesses.
Lastly she added that companies yet to renew their licenses would also have their fines waived by the agency.