There has been a huge increase in the growth of world trade when compared to that of world output due to trade liberalization. While world output has expanded five folds, the volume of world trade has grown 16 times at an average compound rate of over 7% per annum. Thus, trade performance re-enforces the understanding of growth and development process of countries. Tariff rates have been reduced to 10% of the former rate since the end of the World War II, at the global level, international trade increased by 17times, while global income increased by 4, and income per capita doubled.
As seen in many countries, the principal motive of governments especially in recent years has been to obtain high and sustainable economic growth so as to prevail in a challenging world of trade relations (Manni and Afzal, 2012). In attaining this principled goal, countries have embarked themselves in popular economic policies that allow reduction and removal of barriers to trade such as tariffs, quotas and import controls as to mention but three. Among many policies that most countries including Nigeria have decided to opt-for is trade liberalization of economies (Herath, 2010).