NACCIMA Opposes CBN’s Lifting of Forex Restrictions on Milk and Dairy Products

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has voiced its opposition to the Central Bank of Nigeria’s (CBN) recent decision to lift foreign exchange restrictions on the importation of milk and dairy products.

NACCIMA National President Dele Oye expressed concerns about potential negative impacts on local production and the broader economy.

Acknowledging the CBN’s efforts to refine trade policies in alignment with the evolving economic landscape, Oye recognized the strategic move towards liberalization.

However, he emphasized the need for a phased approach to ensure a smooth transition and protect the value of the Naira.

The depreciation of the Naira has already posed challenges for importers, and the policy shift could lead to higher retail prices for milk and dairy products.

NACCIMA recommends a phased approach that allows domestic producers to adjust to the new competitive landscape while preserving the value of the Naira.

Inconsistent customs duty payments have also been a significant challenge for businesses in Nigeria.

NACCIMA advocates for a robust support system for local dairy farmers to boost domestic production and reduce reliance on imports in the long term.

In addition, harmonizing customs duty payments to eliminate disparities and foster transparency is crucial for the policy’s success.

NACCIMA strongly advocates for measures that safeguard the stability of the national currency and promote fair trade practices.

NACCIMA is eager to engage with the CBN and other stakeholders to create a sustainable path forward that benefits the Nigerian economy and its people.

The association’s stance on this regulatory change underscores the importance of balancing liberalization with the protection of domestic industries and the national currency.