Moghalu joins calls against CBN proposed milk importation ban

Kingsley Moghalu

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has joined calls against the proposed ban on the importation of milk into the country.

CBN Governor, Godwin Emefiele, had on Tuesday at the end of the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja, said it would place a ban on the importation of milk and other dairy products into the country.

Emefiele said that between $1.2 billion and $1.5 billion are spent yearly to import milk into the country.

“We can no longer continue to spend close to $1.2 billion to $1.5 billion, importing milk into the country, a product we can produce. To some extent, they (milk importers) should help us also to reduce the rate of herders, farmers conflict,” he said.

The plan has been welcomed with condemnation. The critics of the move say it would start a milk crisis in the country.

Moghalu, a former presidential candidate, in a tweet on Friday criticised the CBN for the move.

“The ‘magic’ is government and @cenbank interventions, and “banning” this and that. Command and control economy won’t help us. Our economy has 3 parts: Planning, Fiscal Policy, and Monetary Policy. @cenbank can’t do everything thru the backdoor of forex policy! Next, milk crisis!” Moghalu said.