Public Policy and Trade Liberalisation in Nigerian Economic Development

Abstract

The policy advice of bilateral and multilateral donors to developing countries during the past two decades has been centered on favouring greater market openness and better integration into the global economy. There are uncertainties about the effects of the trade policy on Nigerian economic development .This study considers the components of the trade policy such as trade openness, privatization, investment flow and import tariffs with a view to assesses the impacts of some of those policy prescriptions on Nigerian economic development. Secondary data was utilized to descriptively analyze the impacts of trade liberalization policy on Nigeria economic development. The result showed that trade liberalization policy has not had a positive impact on Nigeria economic development. Accountability, transparency and good governance should be encouraged while a more sound economic policy should be employed. A self-reliance approach that encourages more export and less import should be encouraged.

Keywords: Trade liberalization, dependency, deregulation, privatization, division of labour