Milk Importation: CBN Makes Clarification On ‘Ban’
The Central Bank of Nigeria (CBN) on Friday made clarification on its planned policy aimed at promoting the local production of milk in Nigeria.
The apex banks clarification followed reactions by interest groups after the announcement on Tuesday at the Monetary Policy Committee meeting for July.
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The CBN governor, Godwin Emefiele, had said that the bank had concluded plans to add milk and other dairy products to items on the foreign exchange restriction list.
According to him, the move by the bank is to help boost local production and investment in ranches as $1.2 billion to $1.5 billion is being spent on the importation of milk into the country yearly.
Responding to the outcry of the interest group, the bank in a statement clarified that milk importation is not banned, noting that the CBN has no such power.
“All we will do is to restrict sale of forex for the importation of milk from the Nigerian foreign exchange market.” The bank explained.
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About three years ago, the institution began a policy to encourage backward integration to conserve foreign exchange and create jobs for Nigerians. Included in this policy was the introduction of restriction on the sale of forex from the Nigerian foreign exchange market for the importation of some 43 items goods that could be produced in Nigeria.
Following this, the CBN said it was not interested in playing politics with the proposed policy as Nigeria and the welfare of all Nigerians had always come first in all its policy considerations.
“Being an apolitical organisation, we (CBN) do not wish to be dragged into politics. Our focus remains to ensure FOREX savings, job creation and investments in the local production of milk.
“The ongoing resort to blackmail and undue politicisation through the use of social media attacks can only serve to strengthen our resolve to wean our country from the clutches of powerful and highly influential traders and dealers who have kept the masses of our people hostage to foreign consumption and condemned our youths to perpetual unemployment.
“We call on Nigerians to enlist in this vanguard to take our economy back from vested interests, make our country a productive economy and create jobs for our teeming youths,” the CBN statement read.
