There has been a rapid growth of the world economy in recent times. This growth can be traced partly to the current rise in international trade and can also be traced to both technological development and several efforts put in place to reduce trade barriers.  To reach this pinnacle of growth, several countries have opened their boundaries for economic development offered through trade while others have been pessimistic about the benefits. Absorption into the world economy has promoted economic growth and development. This paper sought to examine the impact of international institutions like World Trade Organisation, International Monetary Fund and World Bank in promoting trade liberalization and globalization. This paper critically appraised the positive and negative impacts of Globalization and Trade liberalization on the economy of a country. Doctrinal research method was used in this paper with reference made to both primary sources (books) and secondary sources (both hard copy and online journals). This paper observed that the institutions mentioned have helped countries improve their access to world market and enhanced their participation in the global trading system. This paper recommended the need to promote our local content to enable us reap from the amazing impact and not be swept away by trade liberalization and globalization.