This paper empirically integrates the interplay between import substitution and export promote on the Nigerian economy in conjunction with the theoretical position of the protectionist and the free trade activist and how this has helped in promoting the Nigerian economy over the years. A disaggregate analysis of importation and exportation is conducted using a time series data between the periods 1981 to 2016. Series of econometric estimation tools were adopted in this study. Findings reveal that Non-oil export and Non-oil import seems to significantly promote economic integration in Nigeria. This report further gave in a support to trade protectionist and the trade liberalize advocates. The result of the causality test shows that before any nation could attract foreign inflows, the economy must be in good form as foreign investor only invests in an economy whose receiving capacity can sustain their investment. The study therefore concludes that before any nation could embrace liberalization, there must have been a level of threshold of industrial development in such nation.