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CBN approves six firms for milk importation, bars others

The Central Bank of Nigeria has given approval to six dairy companies to import milk into the country.

The move is part of efforts aimed at bridging the supply gap of the product as the government pursues its backward integration strategy to make the country self-sufficient in milk production.

The development was confirmed in a circular issued by the CBN dated February 11, 2020, and signed by the Director, Trade and Exchange Department, Dr Ozoemena Nnaji.

The apex bank said the approval was given in line with its objective to increase and improve the local production of milk, its derivatives and other dairy products in the country.

The six dairy companies are FrieslandCampina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria PLC (MSK only) and Integrated Dairies Limited.

The CBN in the circular said all Forms ‘M’ for the importation of milk and its derivatives by authorised dealers would only be allowed for the aforementioned companies.

The apex 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.

Based on government official statistics, Nigeria’s current milk production stands at about 500,000 metric tonnes per year.

This leaves a demand gap of 1.7 million tonnes, which is filled through importation that causes a capital flight of about $1.3bn.

About Younews Ng

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