By Chris Udochukwu
Abuja (Precise Post) – Six companies have been exempted from milk and dairy products importation ban by the Central Bank of Nigeria (CBN).
Precise Post recalls that the CBN governor Godwin Emefiele in July 2019 announced the plan to restrict access to foreign exchange for importation of milk into the country.
According to the apex bank, this step is part of its 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,” CBN posted on its website on Tuesday.
“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: Friesland Campina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products Limited, Promasidor Nigeria Limited, Nestle Nigeria Plc (MSK only) and Integrated Dairies Limited.”
The apex bank stated that the exempted companies have started investments in local milk production as part of the central bank’s backward integration plan.
“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,” CBN said.
Emefiele said the restriction aimed at boosting local milk production and job creation.
