proportion of what it needs, particularly in areas where the resources or inputs needed for production are widely available across the country. this thought process shaped our decision to impose the restriction on access to forex for 41 items that can be produced in nigeria. 24. there has been considerable discourse particularly on whether the restriction on access to foreign exchange for 41 items is driving local production, with some nay - sayers stating that it has constrained economy. productivity based on and our growth internal in the research conducted at the central bank of nigeria, there is strong support that the recovery of our economy from the recession may have been much weaker or even negative, without the implementation of the restriction on 41 items. our research supports the conclusion that the combination of the restriction on 41 items along with other measures imposed by the fiscal and monetary authorities has helped to promote the recovery. any attempt to reverse the course of this actions may have untold consequences on the growth trajectory of our economy particularly in our push to diversify and restructure our economy. in fact, recommendations are being made to the cbn that the list of 41 items be expanded to include other additional items that can be locally produced. 25. second, many entrepreneurs are taking advantage of this policy to venture into the domestic production of the restricted items with remarkable successes and great positive impact on employment. the dramatic decline in our import bill and the increase in domestic production of these items attest to the efficacy of this policy. noticeable declines were steadily recorded in our monthly food import bill from us $ 665. 4 million in january 2015 to us $ 160. 4 million as at october 2018 ; a cumulative fall of 75. 9 percent and an implied savings of over us $ 21 billion on food imports alone over that period. most evident were the 97. 3 percent cumulative reduction in monthly rice import bills, 99. 6 percent in fish, 81. 3 percent in milk, 63. 7 percent in sugar, and 60. 5 percent in wheat. we are glad with the accomplishments recorded so far. accordingly, this policy is expected to continue with vigor until the underlying imbalances within the nigerian economy have been fully resolved ; 26. development finance : in continued recognition of our role as an agent of development and aimed at ensuring self - sufficiency to reduce nigeria ’ s excessive dependence on imports, the cbn invigorated its development finance activities. we have maintained a particular focus on supporting farmers, entrepreneurs as well as small and medium scale businesses, through our various intervention

is right at all times regardless of whether we will be harshly castigated for those actions. once again, i call on all of us, this evening, to set aside our complaints, differences and distractions, and let us work together to create a nigeria, where balanced growth and shared prosperity is guaranteed for all. as i leave you to digest the moral of that story, ladies and gentlemen, let me take my seat and start digesting my meal for the evening! 49. i thank you very much for your attention. and thank you once again, for being here today. godwin i. emefiele, con governor, central bank of nigeria 30 november 2018