The Central Bank of Nigeria (CBN) has said it will place a ban on the importation of milk and other dairy products into the country.<\/p>\n
The CBN Governor, Godwin Emefiele made this known while addressing reporters at the end of the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.<\/p>\n
Emefiele said that between $1.2 billion and $1.5 billion are spent yearly to import milk into the country.<\/p>\n
He said \u201cWe can no longer continue to spend close to $1.2 billion to $1.5 billion, importing milk into the country, a product we can produce. To some extent, they (milk importers) should help us also to reduce the rate of herders, farmers conflict\u201d.<\/p>\n
The apex bank also said it will start the rejuvenation of moribund textile mills in the country.<\/p>\n
The Director in charge of Development Finance Department in Central Bank of Nigeria (CBN), Mrs Bademosi Tinuola, made the promise at the official commissioning of a garment company, \u201cXirea Apparels\u201d by Buphalo company in Port Harcourt, the Rivers state capital, yesterday.<\/p>\n
she said \u201cThe present administration and the Governor of Central Bank are in support of local manufacturers. We believe in growing the economy of the country; we don\u2019t want our country to become a dumping ground for all kinds of imported goods. Most of our industries are collapsing now because of indiscipline\u201d<\/p>\n
\u201cWe are presently growing cotton in the north. By October we will start to harvest our cotton to encourage textile industries. CBN imported the seeds and planted them so that we can revamp dead textile industries.<\/p>\n
\u201cWith this very soon, the textile factory workers will go back to work, fabric staff, engineering workers will be up and working and employment rate will be higher, crime and criminality reduced and Nigeria economy will begin to work again\u201d.<\/p>\n
At the end of the meeting, MPC members voted to: Retain the MPR at 13.50 per cent; Retain the asymmetric corridor of +200\/-500 basis points around the MPR; Retain the CRR at 22.5 per cent; and retain the Liquidity Ratio at 30 per cent.<\/p>\n
Speaking, Emefiele said CBN has held several meeting with milk importers, the first being about three years ago, after the introduction of forex restrictions on over 40 items.<\/p>\n
He said \u201cAbout three and half years ago, when the policy on restriction of forex started, we considered including milk on the list of items under restriction from forex, but we conjectured that based on sentiment some people are bound to express, that we should be very careful.<\/p>\n
\u201dWe called on the management of the oldest milk importer into Nigeria, WAMCO into Central Bank office in Lagos.<\/p>\n
\u201dWe held at least three meetings with them and we told them this would have happened but we decided not to allow it to happen, that we are trying to use the opportunity to appeal to them to do backward integration. \u2018Integrate backward and begin the process of development and produce your milk in Nigeria\u201d.<\/p>\n
\u201dImporters could also support the pastoralists, get them concentrated in one place instead of moving around. Provide them facilities like water, hospitals, schools.<\/p>\n
\u201dIf you are in a community and you want to enjoy the proceeds of that community there is nothing wrong in providing certain things for the communities to blossom.<\/p>\n
\u201dThe proceeds of what you get in return will be your milk to recoup your investments.<\/p>\n
\u201dThose are the kind of things we expect companies that are importing milk into Nigeria to do. Unfortunately, after three years, nothing has happened.\u201d<\/p>\n
\u201dIf the journey was started three years ago, perhaps the herders, farmers conflict that we see today would not have been as intense as it is this time.<\/p>\n
\u201d We would need your help at this time because we can no longer wait for you to continue to be importing this product into Nigeria because we are convinced it can be produced in Nigeria.<\/p>\n
\u201dThe farmers can acquire land and begin to graze their own cows and fatten them and get the milk, and then they can also be complemented by pastoralists who own their own small holder cows under a small farming holder arrangement, they can also get milk from them\u201d.<\/p>\n
However, the milk importers ignored Emefiele\u2019s advice which has now led to the forex restrictions on milk importation.<\/p>\n
According to Emefiele, \u201cNigeria belongs to us, when we have policy, we want people to respect the policy of this country.<\/p>\n
\u201dThe amount we spend importing milk is too high. We are saying, by doing backward integration, help us to reduce or limit herders and farmers conflict in Nigeria and we are determined to make milk production in Nigeria a viable economic proposition.<\/p>\n
\u201cBy the time we restrict you, if you need loan to acquire land we will give you, if you need loan to grow your grass, we will give you; to produce water, we will give you loan.<\/p>\n
\u201dBut that you will continue to import milk into the country, I think we are getting to the end of road.<\/p>\n
\u201dI will repeat, we are really getting to end of the road. The era of releasing forex for importation is coming to an end, and it will come soon than expected.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of Nigeria (CBN) has said it will place a ban on the importation of milk and other dairy products into the country. The CBN Governor, Godwin Emefiele made this known while addressing reporters at the end of the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja on Tuesday. Emefiele said that between […]<\/p>\n","protected":false},"author":62,"featured_media":9830,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,653,420,457,415],"class_list":["post-13222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-emefiele","tag-forex","tag-import","tag-production"],"yoast_head":"\n