Nigeria is Africa’s most populous country and it is also the largest economy in the continent, accounting for 18 percent of the GDP generated in the continent. Even though significant structural change has taken place in Nigeria over the last decades (especially a growth in the service sector), the country is still strongly dependent on oil production and exports for its national income and employment. The impact of Covid-19 on the global oil prices has painfully exposed the risks associated with continuing oil dependence. The crisis could be the tipping point for shifting away from resource extraction as primary contribution to GDP. A circular economy shift has however not been articulated in any recovery measures to date. This is a missed opportunity, as the Circular Economy (CE) can contribute to job creation and transformation and contribute to food security and leverage the key role of the informal sector.