CBN Restricts Milk Importation to Six Companies

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Here is the list of Providus Bank Branches in Lagos

A little over two years after it was granted a commercial banking license with regional authorization by the Central...

The Central Bank of Nigeria (CBN) has added milk and dairy products to the list of items not eligible for forex.

However, the bank exempted six companies from the restriction.

“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 CBN’s website on Tuesday read.

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

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

“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 canceled immediately.”

The exempted companies have begun investments in local milk production as part of the central bank’s backward integration plan.

- Advertisement -
CBN Restricts Milk Importation to Six CompaniesCBN Restricts Milk Importation to Six Companies

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

5 COMMENTS

  1. […] https://brandspurng.com/2020/02/11/cbn-restricts-milk-importation-to-six-companies/ […]

  2. […] https://brandspurng.com/2020/02/11/cbn-restricts-milk-importation-to-six-companies/ […]

  3. […] https://brandspurng.com/2020/02/11/cbn-restricts-milk-importation-to-six-companies/ […]

  4. […] https://brandspurng.com/2020/02/11/cbn-restricts-milk-importation-to-six-companies/ #Streetvibe.com.ng […]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

CBN Restricts Milk Importation to Six CompaniesCBN Restricts Milk Importation to Six Companies

Latest News

GBfoods completes N20 Billion Tomato Processing Factory in Kebbi

Lagos, Nigeria - GBfoods, a global leader in culinary product manufacturing, in partnership with the Central Bank of Nigeria...

COVID-19: ADVAN Supports NANS, BJAN, Petty Traders With Palliatives (Photos)

The Advertisers Association of Nigeria (ADVAN), the umbrella body for advertisers in the country, has extended some measure of palliatives to three distinct groups to cushion...

Four strategies for helping women in fragile settings succeed in the digital economy

The coronavirus (COVID-19) pandemic is disproportionately impacting women’s livelihoods. Young women are more prone to unemployment and under-employment than men, and many work in service and informal sector...

How To Apply For NPower 2020 Recruitment

The NPower program was launched a few years ago and became one of the top opportunities for young individuals to begin their careers in...

Insider Dealing: MTN Nigeria Discloses Purchase of 920,000 Shares by Toriola

MTN Nigeria Plc on Thursday disclosed an insider dealing of 920,000 shares in line with the new Nigerian Stock Exchange (NSE) policy. In a statement...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -CBN Restricts Milk Importation to Six CompaniesCBN Restricts Milk Importation to Six Companies