Trade liberalization is a key driver of global economic integration and growth, influencing production, investment, and trade patterns in developing economies. In Nigeria, trade liberalization has been adopted to promote diversification away from oil dependence and foster sustainable economic development. This research explores how liberalization contributes to Nigeria’s diversification efforts, identifies factors influencing policy formulation, examines associated risks and challenges, and offers policy recommendations. This research also suggests that trade liberalization holds significant potential to boost growth and competitiveness; however, structural weaknesses, institutional inefficiencies, and infrastructural deficits continue to limit its effectiveness. Strategic reforms and consistent policy implementation are essential for achieving broad-based economic diversification.
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