6  While flows began to recover in the early part of 2021, financial flows to emerging markets like Nigeria, are constrained by expected tapering by the Federal Reserve Bank in 2022, which is likely to affect global financial conditions.
In essence, uncertainty about the evolution of the virus, and the extent of its impact, led to a retreat in investment from emerging markets, and a corresponding rise in investment in safe haven assets, such as gold, and US Treasury bills.