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Business News of Tuesday, 11 February 2020

Source: MyNigeria

Monopolising the market for six companies- Twitter user reacts to CBN's latest policy on Milk Importation

Only six companies have been authorised to import milk and milk derivates, the Central Bank of Nigeria has said.

According to a statement circulated online by the Apex Bank, only WAMCO Nigeria, Chi Limited, TG Arla Dairy product Limited, Promasidor Nigeria Limited, Nestle Nigeria PLC, Integrated Dairies Limited and Friesland Campina were authorized to import milk into the country.

The Central Bank then went ahead to ban other dairy companies aside the aforementioned six to stop importing milk and dairy products into the country.

"For the avoidance of doubt, all established Forms "M," for the importation of milk and it's derivatives for companies other than the above for which shipment has not taken place should be cancelled immediately," the statement read.

A Twitter user who reacted to the policy said that the CBN was monopolising for only six companies.

I love this game. Out of thin air, CBN has invented another rent-seeking party for big boys only. As the famous economist, Milton Keynes said," @Double Eph said

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