The Central Bank of Nigeria on Monday started the process of assisting dairy companies to set up milk processing plants in the Federal Capital Territory.
The move is coming barely one week after the apex bank gave approval to six dairy companies to import milk into the country.
He told the minister that by providing land for milk processing firms within the Federal Capital Territory, it would support the efforts of government in bridging the supply gap of the product. Emefiele explained that the objective of the CBN 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.
Currently, the country spends between $1.2bn and $1.5bn annually on milk importation based on figures from the CBN.
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