BREAKING: CBN restricts importation of milk to six companies

The Central Bank of Nigeria (CBN) has on Tuesday given approval to six companies to import milk and stopped every other importer in Nigeria of the product.

The companies are FrieslandCampina; WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestlé Nigeria PLC (MSK only) and Integrated Dairies Limited.

In a circular number, TED/FEM/FPC/GEN/01/002 dated February 11, 2020 signed by the Director, Trade and Exchange Department CBN, Dr O.S NNAJI to all authorized dealers and the general public, the apex banking sector regulator said it has engaged with some companies in the industry.

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These companies it stated, have keyed into the Bank’s backward integration program to enhance their capacity and improve local milk production.

Accordingly, it wants all Authorised Dealers to note that all Forms ‘M’, for the importation of milk and its derivatives shall only be allowed for the six named 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 circular read in part.

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