Roy said this on Thursday in a statement entitled ‘CHI Limited supports CBN’s backward integration programme.’

He noted that the CBN rolled out a new policy to encourage backward integration for the local production of select items including dairy products to save depleting national reserves, revive local production capacity and create employment.

The new policy offered challenges and opportunities for major manufacturers of milk and dairy products in Nigeria, he said.

He said, “In partnership with the Niger State government and Central Bank, CHI Limited is investing in massive infrastructural development, upgrade of the existing and construction of new facilities at the Bobi Grazing Reserve, a pilot grazing reserve in Maringa Local Government, Niger State, North-Central Nigeria.

“With the acquisition of over 4,000 hectares in the reserve, the company is partnering with existing pastoralists to provide 2,000 hectares to allow for settlement and grazing for their cows.