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NECA hails CBN for exempting coys from Forex restriction

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CBN urges Nigerians to embrace its policies to entrench macro-economic stability

The Nigeria Employers’ Consultative Association (NECA) has commended the Central Bank of Nigeria (CBN) for exempting six companies from restriction on milk and dairy products importation.

The NECA’S Director-General, Mr Timothy Olawale said in a statement on Thursday in Lagos that it was timely and a sign of responsiveness to good reasoning and businesses concerns.

It was reported that the CBN had on Feb. 11 announced the exemption of six companies from the restriction on milk and dairy products importation.

The apex bank said that the exempted companies had started investments in local milk production as part of its backward integration plan.

The companies exempted include; Friesland Campina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products Limited, Promasidor Nigeria Limited, Nestle Nigeria Plc (MSK only) and Integrated Dairies Limited.

Olawale said; “we commend CBN for the bold step of reversing a policy that almost crippled the dairy and milk industry.

“The exemption of the six companies demonstrated that government is indeed, responsive to the concerns we had expressed severally.

“While we support the efforts of CBN, its derivatives and dairy products, we believe that businesses should be given ample time to plan and implement the backward integration programme’’.

He commended the exempted companies for their resilience, doggedness, commitment to local milk production and bold steps at backward integration.

The Director-General, however, urged government to ensure policy consistency and also encourage investment in animal husbandry.

According to him, it will enable the organisations and many other players in the industry to focus on their core business of dairy and milk production.

He said that the experience in other climes showed that animal husbandry was a thriving industry that generated large employment for citizens and revenue for government.

“Government should institutionalise dialogue and focus engagement with organised businesses before taking fundamental policy decisions that can affect businesses.

“A collaborative approach to policy formulation and implementation will do well for the development of the nation,” Olawale said.

NECA is the umbrella organisation of employers in the organised private sector of Nigeria.

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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