CBN clarifies why it limits milk importation to FrieslandCampina WAMCO, five other firms

Manufacturing

 

“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: FrieslandCampina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria Plc and Integrated Dairies Limited.”

Central Bank of Nigeria (CBN), said in a circular titled: ‘Milk and Dairy Products Importation,’ dated February 11, 2020, signed by the Director, Trade and Exchange Department, Dr. Ozoemena Nnaji, which unfolded the new policy.

The new policy brought to an end the old regime under which the importation of milk was an all-comers’ affair. The circular explained that the move was part of efforts to increase local production of milk, its derivatives and dairy products.

Clarifying the intent of the circular, the Director, Corporate Communications Department at CBN, Mr. Isaac Okorafor, explained that the bank engaged the six companies because they showed sufficient willingness and ability and had keyed into CBN’s backward integration programme in order to enhance their capacity and improve local milk production.

Okorafor said the objective of the bank in that sector was to increase milk production from the current figure of 500,000 metric tonnes to about 550,000 metric tonnes within the next 12 months.

“In addition to facilitating easier access to funding for dairy investors, it is the bank’s desire to ensure that the country conserves foreign exchange as well as to formulate policies that will trigger economic growth and boost employment opportunities in the sector,” he said.

Leave a Reply