CBN exempts Six Companies while restricts others in milk importation

The Central Bank of Nigeria, CBN under the leadership of Mr. Godwin Emefiele Tuesday formally added milk and dairy products to items not eligible for foreign exchange but approved only six companies to continue importation.

 

The companies exempted are: Friesland Campina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products Limited, Promasidor Nigeria Limited, Nestle Nigeria Plc (MSK only) and Integrated Dairies Limited.

The apex bank said the six companies have started the process of producing the products in the country after it engaged them.

“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.

“Accordingly, 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…

“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 regulator said Tuesday in a notice pasted on its website.

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