NIGERIA: CBN restrict FOREX allocation for milk importation

When the World Health Organization (WHO) recommends exclusive breastfeeding up to 6 months of age with continued breastfeeding along with appropriate complementary foods up to 2 years of age or longer, likewise, Mothers should be encouraged to breastfeed their children for at least 1 year, some Nigerians are saying the milk ban policy would rapidly increase the infant mortality rate in Nigeria.

This is what happens when we allow sentiment to take over our mindset, though the Central Bank of Nigeria (CBN) has made it clear that it only restricting foreign exchange (FOREX) allocation for the importation of milk into the country, not that it plans to ban the importation of milk into the country that it had no legal power to take such action.

According to the World Cattle Inventory (FAO) 2019, Nigeria has 20m head, also Nigeria has signed the African Continental Free Trade Area agreement, with these, the government has no choice than to aim at increasing Nigeria’s self-sufficiency for dairy, or else other African countries would flood Nigeria’s dairy market when the trade agreement begin.

Nigeria’s dairy market in 2017 was estimated at $1.5bn with over 85% met through imports and the country’s dairy market potential is estimated at approximately 2 million tons worth about $6.5bn.

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Nigeria: Buhari Bans Palm Oil Import and other 42 items 

President Buhari of Nigeria bans Palm oil Import, as the Central Bank of Nigeria distributes N30bn to producers. He also, directed the apex bank to include palm oil among the banned 42 items and to prosecute firms, owners and management that violated the order by importing the product into the country.

Trading Economics reported that,

imports to Nigeria rose 2.6% year-on-year to NGN 1002 billion in March 2019, boosted by purchases of energy goods (796.3%); manufactured goods (101.3%); solid mineral (70.8%); raw material (46.9%) and agricultural goods (61.3%). Imports in Nigeria averaged 227104.84 NGN Millions from 1981 until 2019, reaching an all time high of 2209385.78 NGN Millions in August of 2018 and a record low of 167.88 NGN Millions in May of 1984.

It is a constitutional taboo from the executive proclaimation of the Federal Republic of Nigeria for any company or individual to import palm oil into Nigeria, so as to boost local production and create more jobs. The presidential directive was disclosed yesterday by the governor of the CBN, Mr Godwin Emefiele.

Emefiele (middle) and others at a press conference yesterday.

Emefiele in a statements made yesterday at a press conference, reveals that, the main motive behind the ban is to grow the economy and provide jobs for more Nigerians,

we must go back to palm oil production explained that he has a new presidential directive to focus on the massive production of 10 commodities: rice, maize, cassava, tomatoes, cotton and so on.

The CBN boss  said that,

the presidential directive mandated the CBN and other relevant government agencies to expand, support people who want to expand the products in Nigeria.

The entire textile value chain, oil palm, pottery, fish, livestock and cocoa in Nigeria, adding that, “this is the programme we will be embarking upon in the next couple of years.

 

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The Central Bank of Nigeria set-up the Textile Revival and Implementation Committee

 

The Central Bank of Nigeria (CBN) has set up the Textile Revival and Implementation Committee (TRIC) to revive at least 50 textile companies across the country by 2023, the committee would have the responsibility of resuscitating the country’s cotton belt, identify textile clusters, improve cotton production nationwide and boost power supply to textile firms across the clusters as Nigeria loses over $2bn annually to textile smuggling.

The CBN would partner with the Nigerian Customs Service to curb smuggling of textile goods; ensure general reduction of cost of doing business by eliminating multiple taxation; as well as ensure zero per cent duty for machineries needed by the textile industry and CBN has engaged 100,000 cotton farmers to cultivate 100,000 hectares of cotton for the 2019 season.

To revive the country’s cotton, textile and garment industry that would boost the local economy and create millions of jobs. Nigeria remains a big market for the textile industry but currently, the Nigeria cotton/textile industry is the third largest in Africa, next only to Egypt and South Africa, to reclaim this industry from smugglers the government should be ready to fight economic saboteurs because the Nigerian market has been flooded with imported textiles for many years.

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