• Wednesday, February 19, 2020
  • Business - Stock Market
  • Updated: Feb 12, 2020

CBN Grants WAMCO, Others Waiver On Milk Import Ban

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The Central Bank of Nigeria (CBN) has enlisted six diary companies excluded from the ban on importation of dairy products in the country.

This was revealed in a circular issued by the bank and signed the Director, Trade and Exchange Department, Dr Ozoemena Nnaji, on Tuesday.

Companies listed in the circular include: Friesland Campina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products Limited, Promasidor Nigeria Limited, Nestle Nigeria PLC (MSK only) and Integrated Dairies Limited.

The bank accented that the purpose for the new policy is to regulate, improve and increase local milk production, its derivatives and other dairy products in the country.

According to the circular, all Forms ‘M’ for the importation of milk and its derivatives by authorized dealers will only be allowed for the enlisted companies.

In reaction to this, The apex bank, has advised non beneficiaries of the circular to cancel all established Forms ‘M’ for the importation of milk and its derivatives that are yet to be shipped.

Clarifying the new circular, CBN Director, Corporate Communications Department, Isaac Okorafor, said CBN has chosen the six companies because they have proven their competence, Willings and have played a major part of the bank's backward integration programme in order to enhance their capacity and improve local milk production.

He emphasised that all effort made so far by the bank is to foster an increase in the country's milk production for the year with the production output from its current metric tonnes of 500,000 to 550,000 metric tonnes

Similarly, he hinged that the latest policy stance on to facilitate easier access to funding for dairy investors, adding that it is the apex bank’s desire to ensure that the country conserves foreign exchange, trigger economic growth and boost employment opportunities in the sector.

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