• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, May 10, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Milk, Dairy Products Import: NACCIMA Faults CBN’s Lifting Of Forex Restriction

…Says policy to discourage local production, others

by Adegwu John
1 year ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has kicked against the lifting of the foreign exchange restrictions placed on the importation of milk and dairy products by the Central Bank of Nigeria (CBN), warning that it could result in the decline of local production.

Advertisement

National President of NACCIMA, Dele Oye, has in a statement, expressed concerns over the potential

ramifications of the policy change, especially against the backdrop of the Naira’s current depreciation and the inconsistencies observed in customs duty payment.

According to him, “We acknowledge the Central Bank of Nigeria’s efforts to refine trade policies in alignment with the evolving economic landscape.

“The decision to lift restrictions on dairy importation by all

RELATED

Keturah: Leveraging Resilience, Innovation To Succeed In Entrepreneurship

Keturah: Leveraging Resilience, Innovation To Succeed In Entrepreneurship

3 hours ago
Owerri Airport Records Maiden Foreign Flight As Air Peace Airlifts 2025 Hajj Pilgrims

Owerri Airport Records Maiden Foreign Flight As Air Peace Airlifts 2025 Hajj Pilgrims

4 hours ago

entities, barring selected companies, suggests a strategic move towards liberalising the sector, which is commendable from a free-market perspective.

“However, as a professional body deeply invested in the growth and stability of Nigeria’s economy, we must express our concerns regarding the potential ramifications of this policy change, especially against the backdrop of the Naira’s current depreciation and the inconsistencies observed in customs duty payment.”

He continued, “The depreciation of the Naira has already placed a significant burden on importers, with the increased cost of foreign exchange reflecting on the final prices of goods and services.

“The recent policy shift, while potentially increasing competition and broadening market access, could also exacerbate this burden, leading to higher retail prices for milk and dairy products, ultimately affecting the end consumers.

“In addition, inconsistent customs duty payments have been a significant challenge for businesses in Nigeria. This inconsistency not only hampers the ease of doing business but also creates an unpredictable trading environment.”

“A policy change of this magnitude requires a concomitant strengthening of customs regulations to ensure that all stakeholders are on a level playing field,” Oye added.

The NACCIMA boss further charged, “We recommend a phased approach that would allow domestic producers to adjust to the new competitive landscape while preserving the value of the Naira.

“This approach should be coupled with a robust support system for local dairy farmers to boost domestic production, thereby reducing over-reliance on imports in the long term.

“Additionally, harmonising customs duty payments to eliminate disparities and foster transparency will be critical to ensuring the success of this policy.”

He further stated, “While we recognise the merits of liberalising the dairy importation process, we strongly advocate for measures that safeguard the stability of our national currency and promote fair trade practices.”

“We are keen to engage with the Central Bank of Nigeria and other stakeholders in crafting a sustainable path forward that benefits the Nigerian economy and its populace,” Oye reassured.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



SendShareTweetShare
Previous Post

Collective Responsibility Crucial To Safe Schools – Agwai

Next Post

Federal Govt To Revoke More Mining Licences, Insists On Local Value Addition

Adegwu John

Adegwu John

You May Like

Keturah: Leveraging Resilience, Innovation To Succeed In Entrepreneurship
Business

Keturah: Leveraging Resilience, Innovation To Succeed In Entrepreneurship

2025/05/10
Owerri Airport Records Maiden Foreign Flight As Air Peace Airlifts 2025 Hajj Pilgrims
Business

Owerri Airport Records Maiden Foreign Flight As Air Peace Airlifts 2025 Hajj Pilgrims

2025/05/10
35% Lending Rates Stoke High Prices, Discouraging Investment – MAN
Business

‘Nigeria First’ Policy Will Boost GDP By 56% – Manufacturers

2025/05/10
Still On Revenue Sharing And Fiscal Responsibility
Business

Accountant-General Vows To Pursue Finance Management Bill Passage

2025/05/10
Boosting DFIs’ Capitalisation For Industrial Growth
Business

Logistics Industry To Grow Over $3trn By 2030

2025/05/10
Investing In Yam Byproducts For High Investment Returns
Business

Investing In Yam Byproducts For High Investment Returns

2025/05/10
Leadership Conference advertisement

Leadership Conference advertisement

LATEST

Benue/Zamfara: You Can’t Shield State Assemblies From Accountability, Group Tells Speakers

AYCF Tackles APC-YLA Over Anti-Matawalle Protest At EFCC Hqrts

Industrialist Laments Losses Caused By Scarcity, Rising Forex Rates

Gov Sani Clears Outstanding Students’ Tuition Fees Owed Foreign Varsities

Mining Office Generates N6.95bn From Reforms, Digitisation In Q1

Fire Destroys 4 Shops, Building, Vehicle In Oyo

Uche Agbo Joins DGN Presidency Race

PICTORIAL: BBNaija Stars Liquorose, Prince Emerge ‘Best Dressed’ At AMVCA 2025 Cultural Day

Insecurity: Zulum Orders Immediate Ban Of Petrol Sale In Bama LGA

Kwankwaso Blasts Kawu Sumaila, Others For Betraying Kano NNPP

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.