Abstract
In last decade, the world economy has seen a twin glut in which a commodity glut depressed commodity prices and export values since 2014, while a liquidity glut boosted equity values and capital flows, creating a new reality in which net capital inflows for most countries and regions now surpass net trade inflows. The global Covid-19 pandemic is poised to further widen this divergence between global economic and financial paths. In this paper, we lay out what Nigeria could do to take advantage of such global liquidity and position itself favourably in a global post-pandemic environment in which most of the green shoots will be financial, as trade flows that were frozen by the pandemic will take a while to thaw. By taking the measures we suggest, Nigeria (and indeed Africa) could finally reduce its reliance on exports for the external liquidity inflows required for sustaining economic growth and stability and depend more on available global capital flows.