Business
Products Registration: NAFDAC Reassures On Standards
The acting Director-General, National Agency for Food, Drug Administration and Control, (NAFDAC), Mrs Yetunde Oni, said the agency would not compromise standards in its drive to fast-track product registration process.
Oni said this in Abuja while reacting to comments by stakeholders at the Presidential Enabling Business Environment Council (PEBEC) 2016-2017 Reform Update.
She said the agency would try to hasten the application and approval processes for product licensing without compromising on standards and health of citizens.
“NAFDAC is fully committed to the ease of doing business in Nigeria.
We have already taken a number of steps to demonstrate this.
“However, given the peculiarity of our agency and its impact on the health of citizens, there are fundamental issues that we cannot toy with.
“We try as much as possible to ensure that we accommodate everybody while operating in line with global standards.
“So for you to register a product, the laboratory result must be satisfactory. The lab is the heartbeat of the agency and so also the facility the business is operating,” she said.
However, to hasten the whole process, Oni advised Micro, Small and Medium Enterprises (MSMEs) doing similar businesses to form clusters.
She said together, they could invest in building standard structures, which once inspected and approved, would serve every member of the cluster.
Meanwhile, the Enabling Business Environment Council Coordinator, Dr Jumoke Oduwole, said that the council had priotised six Ministries, Departments and Agencies (MDAs) to improve their business environment.
“You talked and we listened. Since July, we have been paying closer attention to NAFDAC, SON, Ministry of Industry Trade and Investment, NOTAP, Police and Customs because they had the highest number of negative feedback.
“When it comes to trading across borders, movement of goods and services across the country, the private sector has brought to our notice that police and customs were said to be the worst.
“Also, on the issue of intellectual properties, people complained about the difficulties in getting patent and trade mark licence from NOTAP.
“Therefore to sustain the improvement, we are already seeing the ease of doing business in the country; we must ensure that these agencies improve their service delivery,” she said.
Oduwole said that the council was also working with state governments as well to improve the areas of starting a business, enforcing contracts, dealing with construction permits and registration of properties.
Also, Dr Adeoye Adefulu, a member of the Section on Business Law, Nigerian Bar Association, in a paper presentation, said government red tape continued to impact the cost of doing business in the country.
“Despite government’s efforts, there still remained slow permitting process with no fixed times and difficulties in obtaining updates on permit processes.
“Also, multiplicity of regulators with conflicting roles and lack of institutional respect between agencies is a challenge.
“Some regulators do not use modern tools of communication such as email to communicate with stakeholders and they have no concern for administrative or financial impact of regulatory imposition,” he said.
Adefulu urged the government to review its regulations on permits. He said that in some sectors, investors were required to apply yearly for renewal of permits.
“Investors are wary of investing in long term projects requiring long term finance because of the habit of regulators to issue short term licences,” he said.
A key component of the Federal Government’s change agenda is the creation of an enabling business environment for Nigeria and foreign-owned businesses.
The country currently ranks 169 out of 189 in the ease of doing business rankings of the World Bank.
The current administration aims to improve the country’s position to top 100 by 2019/2020 and top 50 in 10 years.
Business
CBN Predicts 4.17% GDP Growth In 2025
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
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