The Central Bank of Nigeria (CBN) has engaged six dairy companies operating in the country for the importation of milk.
A circular issued by the Bank today, February 11, signed by the Director in the 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, all Forms ‘M’ for the importation of milk and its derivatives by authorized dealers will only be allowed for the six companies.
The bank 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.
This was even as the Director in the Corporate Communications Department of the apex bank, Isaac Okorafor, said 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 said 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 is the bank’s desire to ensure that the country conserves foreign exchange, trigger economic growth and boost employment opportunities in the sector.