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.
The Central Bank of Nigeria (CBN) has said that four dairy firms have commenced the process for the local production of milk.
The CBN Governor, Godwin Emefiele made this known in Abuja on Thursday. He said the companies are FrieslandCampina WAMCO, Neon Agro, CHI Limited and Irish Dairy. The companies, he noted have all expressed interest to invest in Bobi Grazing Reserve in Niger State.
Bobi Grazing Reserve located in Mariga Local Government Area is part of 26 Grazing Reserves gazette under a livestock development initiative by the Niger State government in partnership with the CBN.
The Central Bank of Nigeria (CBN) has said it will stop providing foreign exchange for the importation of cassava, starch, ethanol and all other derivatives into Nigeria.
The CBN Governor, Mr Godwin Emefiele, spoke on the new policy directive while meeting with some state governors in Abuja to discuss cooperation in the area of economic diversification, job creation and poverty reduction.
The Nigerian Employers Consultative Association (NECA) has appealed to the Central Bank of Nigeria (CBN) to suspend its planned forex restriction on milk imports, saying that the initiative could potentially cripple businesses in the sector.
The call was made by the Director-General of NECA, Mr Timothy Olawale, on Thursday at a business forum in Lagos, while speaking on the need to gauge the suitability or otherwise of the policy at this time. He noted that the apex bank should engage in extensive consultation with all stakeholders by creating an environment that would enable it to weigh the merits and demerits of the policy in the long term.
The nation’s organized labour union warned on Wednesday of an impending job loss crisis of over three million workers in the food, beverage and tobacco sector of the economy over inability of companies in the sector to obtain foreign exchange to import needed raw materials for their operations.
