Lagos – The National Agency for Food and Drug Administration and Control (NAFDAC) has promised a balance between over – regulation and under – regulation of locally made products to stimulate economic growth.

The Director General of the agency, Dr Paul Orhii, said this in Lagos while addressing exhibitors at the AgrikExpo International 2014.

Dr Paul Orhii

Orhii said that the agency regulated about one third of Nigeria’s economy by partnering with producers and processors alike.

“We need to stimulate the Nigerian economy.

“As such we are trying to strike a balance so as not to over – regulate and at the same time, not to under – regulate.

“Over – regulation kills an economy and so does under – regulation. So the agency needs to balance its affairs.

“Presently, the agency regulates about one-third of Nigeria’s economy, that is why we are partnering with producers and processors alike,’’ he said.

Orhii noted that Nigeria had over- depended on oil export while agriculture was the country’s economic hub, considering that there was land availability and human resources giving Nigeria comparative advantage.

He urged producers to diversify their products by having varieties, adding that the agency had reviewed regulatory requirements to accommodate more producers.

Orhii also congratulated the organisers of the exhibition, pledging that NAFDAC was not out to close the shop of producers, but to see areas where it could come in and help.

The Chairman of 157 Products Ltd, Mazi Sam Ohuabunwa, said that the more people that were involved in producing, the more improvement the economy would experience.

Ohuabunwa also said that the interactions at the event would give producers an expansive angle to investments, wealth creation and jobs.

The News Agency of Nigeria (NAN) reports that the exhibition showcased agriculture products and consultants. (NAN)