The Central Bank of Nigeria (CBN) has added milk and dairy
products to the list of items not eligible for forex.
However, the bank exempted six companies from the
restriction.
“As part of efforts to increase local production of milk,
its derivatives and dairy products, the Central Bank of Nigeria has engaged
with some companies in the industry who have keyed into the bank’s backward
integration program to enhance their capacity and improve local milk
production,” a notice published on the bank’s website on Tuesday read.
“Accordingly, all authorised dealers are to note that all
Forms ‘M’ for the importation of milk and its derivatives shall only be allowed
for the following companies:
- Friesland Campina WAMCO Nigeria
- Chi Limited
- TG Arla Dairy Products Limited
- Promasidor Nigeria Limited
- Nestle Nigeria Plc (MSK only)
- Integrated Dairies Limited
“For the avoidance of doubt, all established Forms ‘M’ for
the importation of milk and its derivatives for companies other than the above
for which shipment has not taken place should be cancelled immediately.”
The exempted companies have begun investments in local milk
production as part of the central bank’s backward integration plan.
Godwin Emefiele, the CBN governor, first confirmed plans to
restrict forex for milk importation in July 2019 saying the bank is convinced
that the product can be manufactured in Nigeria.
In August 2019, President Muhammadu Buhari directed the apex
bank to restrict forex for food importation saying the directive is to ensure
steady improvement in agricultural production and attainment of full food
security.
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