Despite over 18.3m Cows, Nigeria Spends N27bn to Import Milk from Four Countries in Three Months
- According to the latest figures from the National Bureau of Statistics, Nigeria once again relied on milk imports to satisfy demand.
- This is despite the government's attempts to fully restrict the products' importation into the country.
- Nigeria is said to have about 18.3 million cows but relies heavily on imported milk from four countries
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The National Bureau of Statistics has revealed that in the first three months of 2022, Nigeria spent N27,664 billion on milk importation.
NBS stated this in its latest Foreign Trade Statistics published on its website.
According to the report, Nigeria's milk import in the first quarter of 2022 was from four major countries.
Source: UGC
The latest number further put a dent in the federal government’s moves to ensure self-sufficiency in the production of milk in 2022.
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This is despite according to the Food Organisation of the United Nations Nigeria has a population of (76 million), sheep (43.4million), and cattle (18.4 million).
In 2020, Sabo Nanono the Former Minister of Agriculture and Rural Development stated that the federal government was set to ban milk importation by 2022 due to efforts put in place by the ministry for the availability of resources for local production.
He added that the move would be actualised through the Agro Processing Productivity Enhancement and Livelihood Improvement Support Project (APPEALS) which would lead to a N600bn loan support to farmers across the country.
Countries Nigeria imported milk from
In the NBS report, it is indicated that the bulk of milk importation and related products were from Ireland at N16.1bn, followed by Malaysia at N5.5bn, Germany at N4.8bn and France at N1bn.
243 companies fight for CBN’s N23 billion 100 for 100 loan scheme
Legit.ng reported that about 243 companies applied for a loan scheme by the Central Bank of Nigeria (CBN).
In the end, the Central Bank of Nigeria (CBN) said about 28 companies whose projects pleased the bank’s conditions for ‘100 for 100 Policy for Production and Productivity.’
The apex bank said that this happened after 243 firms submitted applications with projects valued at N321.06bn for the 100 loan scheme.
Source: Legit.ng
