• February 28, 2020

Restricted Milk Importation: CBN Grants Six Companies License

Six dairy companies have been authorized by the Central Bank of Nigeria (CBN) to operate in the country for the importation of milk products and its derivatives.

The authorized companies included; FrieslandCampina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products Limited, Promasidor Nigeria Limited, Nestle Nigeria PLC (MSK only) and Integrated Dairies Limited.

In a circular issued on Tuesday by the Director Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji in Abuja, the apex bank said importers not authorized are to cancel all already established Form ‘M’ for the importation of milk and its derivatives.

The Form ‘M’ is a mandatory documentation process put in place by the Federal Government to track imported goods, and where applicable, enable the collection of import duties.

The CBN disclosed that all registrations for Form ‘M’ made available to the listed companies are to be completed with authorized dealers at the time of placing orders.

Speaking on the development, CBN Director, Corporate Communications Department, Mr. Isaac Okorafor said that the six companies were selected because they adopted the CBN’s backward integration programme to enhance their capacity and improve local milk production.

Recall that in July last year, the CBN said that it would no longer allow importers of milk access to forex, insisting that the huge amount spent on milk importation by the country was unsustainable.

Okorafor, however, stated on Tuesday that the apex bank, will facilitate easier access to funding for dairy investors, and ensure that the country conserves foreign exchange, triggers economic growth and boost employment opportunities in the sector.

SOURCE:AGRONIGERIA

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