CBN grants forex waivers to five dairy companies to import milk; restrictions remain in place for others


The Central Bank of Nigeria (CBN), on Monday, issued a circular granting foreign exchange waiver to five dairy companies to import milk into the country.

The companies which received forex waivers include FrieslandCampina WAMCO Nigeria; CHI Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria PLC and Integrated Dairies Limited.

According to the CBN, the decision was in line with its objective to increase and improve the local production of milk, its derivatives and other dairy products.

The waiver which was effective as of the release date of the circular, 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.

“all Forms ‘M’ for the importation of milk and its derivatives by authorized dealers will only be allowed for the aforementioned companies,” the circular read.

Explaining the intent of the waiver, the Director, Corporate Communications Department at the CBN, Mr Isaac Okorafor, noted 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.

Mr Okorafor explained further 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.

The Director said that CBN would assist investors in the dairy sector to achieve the goal of increasing production in the sector and conserve foreign exchange.

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