Trade Liberalization And Socio Economic Development Essay

TRADE LIBERALIZATION AND SOCIO-ECONOMIC DEVELOPMENT IN NIGERIA; 1999-2010 BY Ugwoke, Obiora Francis Department of Political Administrative Studies University of Port Harcourt, Port Harcourt, Nigeria And Okechukwu S. Amadi Department of Political Administrative Studies University of Port Harcourt, Port Harcourt, Nigeria Abstract This paper sought to evaluate the concept of Trade Liberalization and Development in Nigeria especially from 1999 to 2010. It was discovered that Trade liberalization theory is a branch of international trade as popularized by Adam Smith, which promotes free trade between states. It stipulates that free trade will lead to an increase the wealth on nations. The purpose of the paper is to investigate the role of trade liberalization in the economic development of Nigeria. The study was carried out using the world systems theory, which believes that there is a world economic system in which some countries benefit while others are exploited. Secondary sources of data were used in the study. Our findings however reveal that trade liberalization quite contrary to what its proponents have postulated has not resulted to any economic growth in Nigeria. From the data we have presented it has been shown that Nigerian economy was doing relatively well in the 1960s, but started declining when she started opening up her economy to the outside world buying all manners of goods from theShow MoreRelatedEconomic Growth and Development1547 Words   |  6 Pagesï » ¿ECONOMIC DEVELOPMENT AND GROWTH Economic development and growth may not be the same thing depending on how growth rate is affecting the countrys socio-economic development. However important and well known theories of macro-economic suggest that if markets are left on their own, people will improve their socio-economic wellbeing automatically as the result of better economic growth rate of the country. 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