Forex ban on rice others lifted nigeria out of recession emefiele

You're referring to a specific statement made by Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), regarding the country's economic situation.

To clarify, the statement you're referring to is likely:

"In 2015, we banned the importation of rice and other 41 items. And today, Nigeria has come out of recession. We have also reduced our import bill by 60%."

This statement suggests that the ban on the importation of rice and other 41 items, which was implemented in 2015, played a significant role in helping Nigeria recover from recession and reduce its import bill.

Here's a brief background:

In 2015, Nigeria's economy was facing significant challenges, including a decline in oil prices, which was a major source of revenue for the country. To address these challenges, the CBN implemented a number of measures, including a ban on the importation of 41 items, including rice, to reduce the country's import bill and promote local production.

The ban was intended to encourage local farmers to produce more rice and other essential goods, rather than relying on imports. The policy was also aimed at reducing the country's reliance on foreign exchange and promoting economic diversification.

According to Emefiele, the ban was successful in achieving these goals, as Nigeria was able to reduce its import bill by 60% and recover from recession. The country's economy has since continued to grow, with the CBN reporting a GDP growth rate of 2.3% in 2020.

It's worth noting that while the ban on rice imports was a significant factor in Nigeria's economic recovery, it was not the only factor. Other measures, such as the CBN's monetary policy interventions and the government's efforts to diversify the economy, also played important roles in the country's economic turnaround.