Conglomerate Tax and Forex Restriction on Milk
I have called it Conglomerate Tax. Yes, the tax everyone of us pays to ensure conglomerates serve us. Amazon, GE, Dangote Group, etc most times get special benefits from governments before they can deploy capital in economies. But in this piece, Samuel Nwite goes deeper, and posits a hypothesis: can the restriction of forex on milk by Central Bank of Nigeria linked to Dangote Group going into milk business?
"In 2017, the African richest man, Aliko Dangote, disclosed his intention to invest in milk production in Nigeria through the breed of 50, 000 cows. The plan was muted until two days ago when he announced his readiness to invest N288 billion in dairy products for the next three years. His aim is to produce 500 million liters of milk per year.
"The news triggered scorning reaction from Nigerians. Many said it couldn’t have been a coincidence that the CBN is announcing the restriction on milk at the same time that Dangote is announcing his readiness to pump money into dairy production." S.N.
