There are rumours that The Central Bank of Nigeria (CBN) has banned the importation of milk.
Not quite so as CBN says it doesn’t have the power to ban the importation of milk, however, when it observed that about $1.2b to $1.5b is spent annually on the importation of milk, all it did was tell operators in the industry that milk and some other dairy products would be restricted from accessing foreign exchange, if they don’t invest in ranches.
Why it matters?
This act could increase the price of milk in the country because the importers of milk would be forced to purchase forex at an alternative expensive rate(Black Market).
This could spur the development of the local dairy industry. This move was made after the success of milk importers who took CBN’s low-interest loans and began local milk production as opposed to just importing.