The impact of trade liberalization on Nigerian economy

Trade liberalization plays a vital role in promoting International trade and the maximization of world output. Countries engaged in international trade to boost and restructure their economies through which they achieve higher benefits of trade, economic growth, foreign direct investments etc. The workings of an economy in terms of growth rate and per capita income have been based on the domestic production, consumption activities and in conjunction with foreign transaction of goods and services.

In every economy, trade liberalization is expected to boost and promote the economy of that country but in the case of Nigeria, it prove to be difficult and unsuccessful, because it suppresses the economy. Foreign trade has not helped in promoting economic growth because the Nigerian economy still experiencing some elements of economic instability that turned the country into an import dependent economy, the destruction of markets and local industries, poverty and unemployment, as well as hardship and misery to its people.

The study focuses on the assessment of the various impacts of free trade liberalization on the Nigerian economy, particularly the (negative impacts) as well as finding possible recommendations in solving Nigeria's economic problems.