Economy
Prepare for electricity tariff hike, TCN tells Nigerians
Nigerians should be prepared to pay cost-reflective electricity tariffs in order to enjoy the benefits of the liberalisation of the...
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Nigeria’s oil reserves’ll run dry in 49 years – DPR
The nation’s crude oil reserves of 37 billion barrels, two per cent of which is being produced annually, will be...
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CBN, FCTA Collaborate
ABUJA – The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has restated the need for States in the...
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FG to inaugurate committee for new economic plan
The Minister of State for Budget and National Planning, Clem Agba, has said that the Federal Government will next month...
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One billion oil barrels found in North-East, says FG
The Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Wednesday that the nation’s oil and gas sector...
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For ninth year, Dangote named Africa’s wealthiest person
The Chairman, Dangote Group, Aliko Dangote has been named the wealthiest person in Africa for the ninth consecutive year. However,...
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ABUJA – In line with its objective to increase and improve the local production of milk, its derivatives and other dairy products in the country, the Central Bank of Nigeria (CBN) has engaged six dairy companies operating in the country for the importation of the product. A circular issued by the Bank on Tuesday, February 11, 2020, and signed by the Director, Trade and Exchange Department, Dr. Ozoemena Nnaji listed the companies as FrieslandCampina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria PLC (MSK only) and Integrated Dairies Limited. According to the circular that takes immediate effect, all Forms ‘M’ for the importation of milk and its derivatives by authorized dealers will only be allowed for the aforementioned companies. The Bank therefore advised importers not on the list of companies cited in the circular to cancel all established Forms ‘M’ for the importation of milk and its derivatives for which shipment has not taken place. Clarifying the intent of the circular, the Director, Corporate Communications Department at the CBN, Isaac Okorafor explained that the Bank engaged the six companies because they showed sufficient willingness and ability and had keyed into the CBN’s backward integration programme in order to enhance their capacity and improve local milk production. Okorafor further explained that the objective of the Bank in that sector was to increase milk production in the country from the current figure of 500,000 metric tonnes to about 550,000 metric tonnes within the next 12 months. In addition to facilitating easier access to funding for dairy investors, he said it was the Bank’s desire to ensure that the country conserves foreign exchange, trigger economic growth and boost employment opportunities in the sector.
ABUJA – In line with its objective to increase and improve the local production of milk, its derivatives and other...
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Dangote Tomato Company Begins Production In Kano
The Dangote Tomato Processing Company, Kadawa, has confirmed the recruitment of no fewer than 100 skilled and casual workers ahead...
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Important Economic Issues Top Discussions Between President Buhari And Economic Advisory Council
President Muhammadu Buhari Thursday received an important briefing by the new Economic Advisory Council (EAC), giving firm commitment that his...
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Nigeria’s Inflation Rises To 11.98%
Inflation in Nigeria increased by 11.98 per cent year-on-year in December 2019, according to the National Bureau of Statistics (NBS)....
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