The Bank of Industry and the National Agency for Food and Drug Administration and Control, NAFDAC have signeda Memorandum of Understanding to fast track Small and Medium Enterprises access to credit.
The partnership is expected to streamline activities of Small and Medium enterprises that manufacture NAFDAC regulated products in Nigeria.
TVC News Correspondent, Ifunanya Eze reports that the collaboration is expected to promote a robust business environment for Nigeria’s cottage industry and manufacturers of NAFDAC regulated products.
The Bank of Industry by this partnership, can now access the data base of NAFDAC to ascertain the compliance status of entrepreneurs that want loans.
Both parties are convinced that the agreement will ensure that businesses comply with product quality guidelines.