CBN Clarifies Proposed Policy on FX Restriction to Importers of Milk

The Central Bank of Nigeria (CBN) on Friday said its attention
had 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.

The Director, Corporate Communications, CBN, Isaac Okorafor,
explained in a statement that while the central bank was aware that
some of its policies may hurt some business interests, “we are
thankful to Nigerians for the buy-in and intense interest in the
policies of the CBN.”

He added: “As a people-oriented institution, however, we shall
remain focused on the overarching and ultimate welfare of the
Nigerian masses.

“Nigeria and the welfare of all Nigerians come first in all our
policy considerations. Being an apolitical organisation, 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.

“For over 60 years, Nigerian children and indeed adults have
been made to be heavily dependent on milk imports.

The national food security implications of this can easily be
imagined, particularly, when it is technically and commercially
possible to breed the cows that produce milk in Nigeria.

“About three years ago, we began a policy 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 that could be produced in Nigeria.”

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