Contents -- I. Introduction -- II. Trade and Financial Linkages -- III. Description of Data -- IV. Methodology -- V. Results -- A. Base Vector Autoregression Model -- B. Extended Vector Autoregression Model -- VI. Channels of Spillovers -- VII. Conclusions and Lessons for Policy -- Tables -- 1. Partnership Between Nigerian Banks and Foreign Asset Managers -- 2. Results of Unit Root Tests Using the Ng-Perron Procedure -- 3. Lag Length Selection -- 4. Variance Decomposition for Nigeria's Real GDP (Base VAR Model) -- 5. Variance Decomposition for Nigeria's Real GDP (Extended VAR Model) -- Figures -- 1. Nigeria's Trade Openness (in percent of GDP, 1991-2008) -- 2. Nigeria: Direction of Trade in Goods and Services (in percent of total, 1990-2007) -- 3 Nigeria: Main Exports Markets in the EU (1990-2007) -- 4. Net Foreign Direct Investment in Nigeria (in billions of US Dollars, 1980-2008) -- 5. Remittances to Nigeria (in millions of US Dollars, 1995-2007) -- 6. Business Cycle Correlations Between Nigeria and its Key Trading Partners -- 7. Quarterly Real GDP Growth Rates -- 8. Nigeria: GDP Growth Responses to 1 Percent Shocks from Major Trading Partners and PPP-implied Exchange Rate (Base VAR Model)……. -- 9. Nigeria: GDP Growth Responses to 1 Percent Shocks from Major Trading Partners, Oil Price Growth, and PPP-implied Exchange Rate (Extended VAR Model)……. -- 10. Decomposition of Spillovers from Nigeria's Key Trading Partners -- References -- Appendix -- 1. VAR Granger Causality/Block Exogeneity Wald Test.