Feb 12 (Lagos) - The CBN has added milk to the list of items not eligible for forex. However six companies have been exempted from the restriction because they have made investments towards local milk production.
These six companies are the biggest milk importers so the directive affects the smaller companies and makes it very difficult for them to survive.
As per the CBN circular:
“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 authorized dealers are to note that all Forms ‘M’ for the importation of milk and its derivatives shall only be allowed for the following companies:
1. Friesland Campina WAMCO Nigeria
2. Chi Limited
3. TG Arla Dairy Products Limited
4. Promasidor Nigeria Limited
5. Nestle Nigeria Plc (MSK only)
6. 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.”
reporting for easykobo.com on Wednesday, Feb 12 2020 from Lagos, Nigeria