This was made known by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Emefiele said the decision was taken after the Monetary Policy Committee (MPC) meeting Tuesday.
He said that it costs the country about $1.2-1.5billion to import milk from other countries when it can be locally produced in Nigeria.
He said, “We have cows, if the cows are positioned in places without roaming around and they are given water to drink and grass to eat, they will be able to produce quality milk.”
“As they move, they consume whatever they see on their way, unfortunately in this movement, they create destruction.”
“We have met with some milk-producing companies almost three times in Lagos for them to begin backward integration and bring their investments to Nigeria and begin production here in this country.”
“An average cow in Nigeria is said to produce a litre of milk at its peak.”
“The private sector has already begun to help the country develop its dairy industry. Friesland Campina, owners of the Peak milk brand, said since their Dairy Development Programme started, they have worked with 3,500 farmers across five milk collection centres.”
“The company also noted in a visit to Vice-President Yemi Osinbajo on September 2018 that they would invest a further €23 million and settle 500 herders. The company, however, lamented the absence of incentives to encourage such investments.”
“The Nigerian government had, through the National Economic Council (NEC), formed a ten-year initiative called the National Livestock Transformation Plan (NLTP), as the vehicle to drive in the establishment of the dairy industry and get the country’s cattle to produce an average of ten litres of milk at a given time. It has, however, shown a lack of interest in implementing this policy, as one of the ten years went by without any defined step. If the government times the intended restriction on the importation of milk wrongly, Nigerians might be unable to afford the germane nutrient in their diet.”