Milk, dairy products no longer eligible for forex – CBN

Chidi Samuel| Milk and dairy products has been added to the list of items not eligible for forex, according to a notice published by the Central Bank of Nigeria on its website on Tuesday.

The apex bank, however, exempted six companies from the restriction because they have begun investments in local milk production as part of the central bank’s backward integration plan.

-Friesland Campina WAMCO Nigeria
-Chi Limited
-TG Arla Dairy Products Limited
-Promasidor Nigeria Limited
-Nestle Nigeria Plc (MSK only)
-Integrated Dairies Limited

The notice read, “As part of efforts to increase local production of milk, its derivatives and dairy products, the Central Bank of Nigeria has engaged with some companies in the industry who have keyed into the bank’s backward integration program to enhance their capacity and improve local milk production.”

“Accordingly, all authorised dealers are to note that all Forms ‘M’ for the importation of milk and its derivatives shall only be allowed for the following companies:

“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.”

The apex bank governor, Godwin Emefiele, first made public the plans to restrict forex for milk importation in July 2019.

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