Business News

CBN restricts forex for milk import to Nestle, Chi, Friesland, 3 others

Central Bank of Nigeria (CBN) has restricted foreign exchange for milk importation to six companies in Nigeria to boost local production.

Published

8 months ago

February 11, 2020

Chidinma Nwagbara

Economic Growth, CBN, Governor, Emefiele, CBN releases new capital base, sanctions for Microfinance Banks, Nigerian Banks broadly positive after naira devaluation, Naira hits N465 to $1, Central Bank begins disbursing $100million to hit at currency speculators

The Central Bank of Nigeria (CBN) has restricted foreign exchange for milk importation to six companies in Nigeria to boost local production. This was disclosed in a circular issued on Tuesday by the apex bank and made available to Nairametrics.

The circular, which was signed by the Director, Trade and Exchange Department, Dr. O.S Nnaji, stated that CBN engaged the manufacturers because they have keyed into its backward integration to enhance their capacity and improve local milk production.

“All authorised dealers are to note that all Forms ‘M’, for the importation of milk and its derivatives shall only be allowed for the following companies. They are FrieslandCampina WAPCO Nigeria, Chi Limited, TG Arla Dairy Product limited, Promasidor Nigeria, Nestle Nigeria and Integrated Dairies Limited.

“For the avoidance of doubt, all established Forms ‘M’ for the importation of milk and its derivatives for companies other than the above for which shipment has not taken place should be cancelled immediately,” the circular stated.

The aforementioned companies are said to have begun investing in local milk production in line with the CBN’s backward integration plan.

According to the Director of Corporate Communications Department at the CBN, Isaac Okorafor, the bank chose to engage the six companies because they showed sufficient willingness and ability and had keyed into the CBN’s backward integration program in order to enhance their capacity and improve local milk production.

Why this matters: As Okoroafor noted, this new program would push the increase of milk production in the country. The CBN plans to increase the current figure of 500,000 metric tonnes to about 550,000 metric tonnes within the next 12 months.

The Director also said that the bank aims to facilitate easier access to funding for dairy investors. This would be done so as to ensure that the country conserves foreign exchange, triggers economic growth and boost employment opportunities in the sector.

Related Topics:CBN Foreign Exchange Milk importation ban

Chidinma Nwagbara

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Energy

BREAKING: It makes no sense for oil to be cheaper in Nigeria than Saudi Arabia – President Buhari

Nigeria sells petrol at N161 per litre when the same is sold at higher in Saudi Arabia, Egypt, Ghana, Chad, and Republic of Benin.

Published

29 mins ago

October 1, 2020

Abiola Odutola

NDDC, Cash transfer, President Buhari, non-oil Exports, oil revenue, export revenue, FG Waives import duties for medical supplies, Orders Customs to expedite clearing, Presidency faults report on Kyari as Buhari didn’t cancel memos, appointments approved by him

The Federal Government has said that it does not make sense for oil to be cheaper in Nigeria than Saudi Arabia, Egypt, Niger Republic and Republic of Benin, other oil-producing nations.

This was disclosed by President Muhammadu Buhari during his Diamond Jubilee Presidential Broadcast to mark the nation’s 60th independence anniversary on Thursday.

He said, “We sell petrol at N161 per litre when same is sold at higher in Saudi Arabia, Egypt, Ghana, Chad, and Republic of Benin among others. It does not make sense for petrol to be cheaper in Nigeria than Saudi Arabia and other oil producing states.”

Tech News

Google launches Chromecast with Google TV

Google unveils the Chromecast device to stream contents from Walt Disney Co’s Disney+ and Netflix.

Published

1 hour ago

October 1, 2020

Olumide Adesina

Google set to extend footprints with acquisition of smartwatch company, Fitbit  , Google wants to start banking with you ,Google partners Flutterwave to train 5,000 merchants, Google to pay Online publishers for high quality contents

Alphabet Inc’s Google, some hours ago, launched Chromecast with Google TV, a hardware platform designed to show contents from leading streaming services like Walt Disney Co’s Disney+ and the most popular streaming service company, Netflix.

The tech juggernaut unveiled the Chromecast streaming device that now comes with a remote control. It will cost $49.99 in the U.S, and will be available in other countries by the end of 2020.

The real advantage this device holds looks to be the underlying search smarts that serve as the foundation for so much of what Google does. Here’s the company discussing the new feature in a blog post:

“Google TV’s For You tab gives you personalized watch suggestions from across your subscriptions organized based on what you like to watch—even your guilty pleasure reality dramas. Google TV’s Watchlist lets you bookmark movies and shows you want to save for later.

You can add to your Watchlist from your phone or laptop, and it will be waiting on your TV when you get home.

Best of all, you’ll also have access to thousands of apps and the ability to browse 400,000+ movies and TV shows sorted and optimized for what you like—ask Google Assistant to see results from across your favorite apps, like YouTube, Netflix, Disney+, Stan, 9Now and ABC view, among others.”

The new Chromecast with Google TV comes in a compact and thin design and is packed with the latest technology to give you the best viewing experience. It neatly plugs into your TV’s HDMI port and tucks behind your screen.

Hardware composition:

Switching it on, the new Google Tv comes with a crystal clear video in up to 4K HDR at up to 60 frames per second in no time. With Dolby Vision, you’ll get extraordinary color, contrast, and brightness on your TV.
The Hardware also supports HDMI pass coupled with Dolby audio content.

Coronavirus

COVID-19 Update in Nigeria

On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria

Published

8 hours ago

October 1, 2020

Samuel Oyekanmi

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,848 confirmed cases.

On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 2,549 samples across the country.

To date, 58,848 cases have been confirmed, 50,358 cases have been discharged and 1,112 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 509,555 tests have been carried out as of September 30th, 2020 compared to 507,006 tests a day earlier.

COVID-19 Case Updates- 30th September 2020,

Total Number of Cases – 58,848
Total Number Discharged – 50,358
Total Deaths – 1,112
Total Tests Carried out – 509,555

According to the NCDC, the 201 new cases were reported from 13 states- Lagos (77), Rivers (37), Plateau (25), FCT (13), Kaduna (12), Ogun (12), Adamawa (8), Taraba (7), Imo (4), Kwara (2), Osun (2), Abia (1), Oyo (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,461, followed by Abuja (5,709), Plateau (3,450), Oyo (3,261), Edo (2,626), Rivers (2,432), Kaduna (2,419), Ogun (1,850), Delta (1,802), Kano (1,737), Ondo (1,631), Enugu (1,289), Ebonyi (1,040), Kwara (1,036), Abia (895), Gombe (883). Katsina (861), Osun (839), Borno (745), and Bauchi (699).

Imo State has recorded 572 cases, Benue (481), Nasarawa (450), Bayelsa (399), Jigawa (325), Ekiti (321), Akwa Ibom (288), Niger (259), Adamawa (248), Anambra (237), Sokoto (162), Taraba (102), Kebbi (93), Cross River (87), Zamfara (78), Yobe (76), while Kogi state has recorded 5 cases only.

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.