The Central Bank of Nigeria (CBN) has added milk and dairy products to the list of items not eligible for forex.
The apex bank noted that all ‘Form M’ for the importation of milk and its derivatives will only be allowed for six companies.
Dateline Nigeria reports that ‘Form M’ is a statutory document to be completed by all importers for importation of goods into Nigeria.
The Trade and Exchange Department of the CBN announced this in a letter dated Tuesday, February 11 and addressed to “all authorized dealers/general public with regards to “milk and dairy products importation.”
According to the letter signed by the Director, Trade and Exchange Department of the CBN, Dr. O. S. Nnaji, “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,” a notice published on the bank’s website on Tuesday read.
“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:
1. Friesland Campina WAMCO Nigeria
2. Chi Limited
3. TG Arla Dairy Products Limited
4. Promasidor Nigeria Limited
5. Nestle Nigeria Plc (MSK only)
6. Integrated Dairies Limited
“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.
“Please ensure strict compliance.”