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HomeNewsLatest NewsEzekwesili kicks against CBN’s planned forex restriction for Milk

Ezekwesili kicks against CBN’s planned forex restriction for Milk

Former Education Minister and Vice-President of the World Bank’s Africa division, Oby Ezekwesili and other Nigerians expressed concerns about the addition of milk to planned to list of items banned from accessing the official foreign exchange market.

It would be recalled that the Central Bank of Nigeria (CBN) had disclosed its plan to add milk and other dairy products to the list of restricted products on the foreign exchange market

CBN Governor, Godwin Emefiele had said that the restriction was to boost local production of dairy products and increase investment in ranches within the country.

He noted that Nigeria currently spends about 1.2 billion to 1.5 billion dollars annually on milk importation.

Ezekwesili in a series of tweets on her official and verified twitter handle described the CBN action as Policies borne out of vindictiveness.

She said, “Nothing more perverse of Political Leaders and Policy Makers as Policies borne out of Vindictiveness. It appears from what the CBN said on the #MilkBanPolicy that it is a case of: “You folks rejected RUGA, here is your punishment.” What a BIG SHAME that would be.

“Often I read or hear Nigerians say: “We have good policies/laws. Our problem is lack of implementation”. How wrong they are! The bane of our failure to achieve sustained economic growth that reduced Poverty in other countries is actually, BAD…..dangerous Policies/Laws.”

“Milk consumption by Nigerians: 1.7 Million milk production in Nigeria: 600,000 tonnes. When #MilkBanPolicy happens, to avoid Scarcity which Prices Milk up and out of the reach of the Poor, Nigeria needs to immediately triple current production of milk.”

“Nigeria has the highest number of children less than 5 years with chronic malnutrition (stunting or low height-for-age) in sub-Saharan Africa at more than 11.7 million, according to the most recent Demographic and Health Survey (DHS) (National Population Commission)”

“Child Poverty is even worst in a country that holds the ignoble record of being the World’s Capital of Extremely Poor People; our President should be fleeing from Policies that escalate Poverty. The CBN #MilkBanPolicy is dangerous. Dangerous for the Poor.

Also Kalu Aja, a financial planning expert on his twitter handle said a ban on forex for milk imports will make milk become more expensive locally.

He said, “Most of the cows in Nigeria processed for beef are imported. Nigeria also imports raw hides, leather and fur skins. From 2014 to 2017, Nigeria spent N1.3t on live animal imports.”

“Banning imported milk is a policy known as import substitution. I support import substitution. Imported beef is banned in Nigeria, but live cattle imports are not. An equitable policy is to ban all imports of cattle dead or alive and cattle by-products.”

“If milk is banned, will baby milk be also banned.”

“Just like banning Rice, a ban on forex for milk imports will make milk become more expensive locally. As long as local supply cannot meet local demand, there will be imports. Nigeria has no cold chain thus a ban on milk means bulk of milk produced will be powdered.”

Also an economist, Tunji Andrews on official and verified Twitter handle, said what a FX ban will do, is take away the last source of fortified nutrition from poor Nigerian children.

“So, I’ll say it, so that it’ll be on record that it was said With Nigeria’s stunting rate at 43.6%, wasting at 10.8% and underweight children at 31.5%, the CBN’s plan to ban FX for milk importation is a bad idea. This could threaten our future, while we are concerned about now”.

The Nation

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