The Central Bank of Nigeria (CBN) has excluded six dairy companies operating in the country from the ban on importation of dairy products into the country. A circular issued by the bank on Tuesday and signed by the Director, Trade and Exchange Department, Dr. Ozoemena Nnaji, listed the companies that benefitted from the waiver as including FrieslandCampina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria PLC (MSK only) and Integrated Dairies Limited.
The CBN stated that its latest policy position was in line with the objective to increase and improve the local production of milk, its derivatives and other dairy products in the country. According to the circular that takes immediate effect, all Forms ‘M’ for the importation of milk and its derivatives by authorized dealers will only be allowed for the aforementioned companies.
The apex bank, therefore, advised importers not on the list of companies cited in the circular to cancel all established Forms ‘M’ for the importation of milk and its derivatives for which shipment has not taken place. Commenting on the circular, the Director, Corporate Communications Department, CBN, Isaac Okorafor, said the bank engaged the six companies because they showed sufficient willingness and ability and had keyed into the CBN’s backward integration programme in order to enhance their capacity and improve local milk production.
He further explained that the objective of the CBN in that sector was to increase milk production in the country from the current figure of 500,000 metric tonnes to about 550,000 metric tonnes within the next 12 months. Similarly, he hinged the latest policy stance on the to facilitate easier access to funding for dairy investors, adding that it is the apex bank’s desire to ensure that the country conserves foreign exchange, trigger economic growth and boost employment opportunities in the sector.
