CBN Okays 6 Dairy Coys for Milk Importation

By February 12, 2020 Investment News

IN line with its objective to increase and improve the local production of milk, its derivatives, and other dairy products in the country, the Central Bank of Nigeria (CBN) has engaged six dairy companies operating in the country for the importation of the product.

A circular issued by the Bank on Tuesday, February 11, 2020, and signed by the Director, Trade and Exchange Department, Dr. Ozoemena Nnaji listed the companies as FrieslandCampina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria PLC (MSK only) and Integrated Dairies Limited.

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 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.

Clarifying the intent of the circular, the Director, Corporate Communications Department at the CBN, Isaac Okorafor explained that 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.

Okorafor further explained that the objective of the Bank 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.

In addition to facilitating easier access to funding for dairy investors, he said it was the Bank’s desire to ensure that the country conserves foreign exchange, trigger economic growth and boost employment opportunities in the sector.

 

Source: Real News