Categories: METRO

CBN restricts milk importation to six companies

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 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

Sponsored

“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.

SPONSORED
Alex Enemanna

A print journalist with vast knowledge of political developments in Nigeria. Passionate about equity and fairness through robust developmental journalism.

Recent Posts

No Alliance With Tinubu, APC Ahead Of 2027 — LP

The Labour Party (LP) has dismissed the video making the rounds in social media that…

8 hours ago

Ex-Gov Ikpeazu Urges China To Teach Nigeria Fishing Instead Of Giving It Fish

The immediate past governor of Abia State, Okezie Victor Ikpeazu, has called on Nigeria and…

8 hours ago

FG To Monitor Simon Ekpa’s Trial In Finland

The federal government will monitor the legal proceedings and provide further updates on the case…

10 hours ago

Osifo Honours UNIBEN Best Graduating Students With N1 Million

UNIBEN Best Graduating Students get N1 million Prize The Osasere Osifo Prize for Academic Excellence…

17 hours ago

Edo State Govt Declares Over 200 Vehicles Missing

The committee set up by the Edo government to recover government assets says over 200…

20 hours ago

Leverkusen’s Victor Boniface Sidelined Due To Leg Injury

Victor Boniface of Bayer Leverkusen will miss "a few games" following his return from international…

1 day ago