The Central bank of Nigeria (CBN) has clarified its proposed policy on Forex restrictions to importers of milk stating that the policy is not aimed at placing a ban on milk importation but encourage local production.
CBN in a statement signed by Isaac Okorafor, Director, Corporate Communications reiterated its commitment to provide the needed finance to enable investors who genuinely want to engage in milk production adding that Nigeria and the welfare of all Nigerians come first in all policy considerations.
“Being an apolitical organization, we do not wish to be dragged into politics. Our focus remains ensuring forex savings, job creation and investments in the local production of milk”.
“While we are aware that some of our policies may hurt some business interests, we are thankful to Nigerians for the buy-in and intense interest in the policies of the CBN. As a people-oriented institution, however, we shall remain focused on the overarching and ultimate welfare of the Nigerian masses”.
The bank in the statement stressed that the policy was made to stop further dependence on imported milk as Nigerian children and adults have been made to be depend on milk imports for over 60 years adding that the policy which was established 3 years ago aim to encourage backward integration to conserve foreign exchange and create jobs for our people.
“Included in this policy package was the introduction of the highly successful policy which restricted sale of forex from the Nigerian foreign exchange market for the importation of some 43 items goods that could be produced in Nigeria”.
“Arising from the success of the restriction policy, we approached some milk importers, like we did for rice, tomato and starch and asked them to take advantage of CBN’s low-interest loans to begin local milk production instead of relying endlessly on milk imports”.
The bank further stressed that although there have been successes recorded in attempts at producing milk locally, the vast majority of the importers still treat the national aspiration with imperial contempt adding that Milk importation is not banned as the bank has no such power but restrict sale of forex for the importation of milk from the Nigerian foreign exchange market.
Cynthia Egboboh, Abuja
