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
“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.