CBN Says Some interests targeting milk import policy


The Central Bank of Nigeria (CBN), said, that some people were working against its intention to restrict foreign exchange to milk importers in the country. According to the bank, the decision to encourage local milk production was in the interest of the nation which was more important than any other and must be seen as such.

The bank said that those who did not want Nigeria to produce milk for local consumption had started misinforming the public on the policy. It explained that the importation of the commodity was not banned but that the foreign exchange for its importation was the only target of the apex bank.

The bank said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to attempts by some interests, who feel hurt by the planned policy aimed at promoting the local production of milk in Nigeria, to mislead the general public by misrepresenting the ordinarily unassailable case for investments in local milk production and the medium to long-term benefits of the planned policy.

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