CBN Okays Six Companies For Milk, Dairy Products Importation

The Central Bank of Nigeria (CBN), has given its approval to six dairy companies operating in the country for the importation of milk products and its derivatives.

Naija news Understands that the apex bank gave its approval in a circular issued by the Director, Trade and Exchange Department, Dr. Ozoemena Nnaji in Abuja on Tuesday.

The bank 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.

The apex bank stated that the exempted companies have started investments in local milk production as part of the central bank’s backward integration plan.

“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,” CBN said.

The CBN governor Godwin Emefiele in July 2019 announced the plan to restrict access to foreign exchange for importation of milk into the country.