Milk importation not banned; only FX for milk import will be restricted – CBN clarifies


The Central Bank of Nigeria has come out to clarify and defend its proposed policy with regards to milk importation it unveiled earlier in the week. In a late Friday statement on its website, the apex bank said that milk importation is not banned, only the sale of foreign exchange to milk importers will be restricted.

The bank blamed powerful interest for using social media to mislead the public, saying that the attacks will only strengthen its resolve to wean Nigeria from the clutches of powerful business interest and dealers.

“The ongoing resort to blackmail and undue politicization through the use of social media attacks can only serve to strengthen our resolve to wean our country from the clutches of powerful and highly influential traders and dealers who have kept the masses of our people hostage to foreign consumption and condemned our youths to perpetual unemployment.”

The CBN further said that its proposed policy is aimed at promoting the local production of milk in Nigeria.

“Nigeria and the welfare of all Nigerians come first in all our policy considerations. Being an apolitical organization, we do not wish to be dragged into politics. Our focus remains ensuring forex savings, job creation and investments in the local production of milk,” the statement said.

The bank also said that it remains ready and willing to provide financial assistance to investors who genuinely want to engage in milk production.

“We call on Nigerians to enlist in this vanguard to take our economy back from vested interests, make our country a productive economy and create jobs for our teeming youths.”

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