How to Start Export Business in Nigeria

How to Start Export Business in Nigeria

In Nigeria, there are importers and there are exporters, and they both make huge amount of money from their import and export businesses. Do you want to know how to start an export business in Nigeria? How to Start Export Business in Nigeria

Do you want to get involved in an industry that contributes than 23%to the country’s GDP according to the Nigeria export statistics. The import/export business is the key driver of growth or recession in any country. Depending on if there are more imports or exports than the other, the effects it has on every economy, including Nigeria’s, is
always profound. Taking a closer look at “Export Business in Nigeria”,it has to be said that Export business is one of the most lucrative businesses you can embark on, as there are a lot of opportunities that abound in the export business. While this industry is largely run by the private sector, the government regulates all of the industries and still maintains some state-owned products like crude oil to be exported only by the country, with the help of brokers to facilitate a lot of the transactions. There are various opportunities, owing to the fact that just as some commodities sell cheap in other countries but costs more when imported into Nigeria is the same way some commodities sell cheap in Nigeria but costs more outside the country.

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Making a decision to go into business is just as important as the kind of business to go into, if not even more important. No one can afford to spend so much time, resources and energy on a business and watch it not work out. So it can be established that the fear is justified. Export business is one of such businesses that would always come in handy when you are considering the kind of business to go into. One of the great things about the export business is that it is not limited by a boundary. The possibilities for exportation is vast, and in a country like Nigeria that’s rich in mineral resources and agricultural products into the import/export business is a great bet for any entrepreneur in any country around the world to take up. Truth be told, exporting business is quite
challenging, even though it’s quite lucrative and you would be ‘flying a plane while reading the manual’ if you decide to dabble into export business without going through a post like this to enlighten you on what you need to do know to run a successful, legal and hitch-free export business in Nigeria. How to Start Export Business in Nigeria

Steps by Step Guide to Starting An Export Business

Register A Business Name
Registration of the business name,
Registration for Private Limited Company (LTD),
Public Limited Company (PLC),
Company Limited by Guarantee (LTD/GTE),
Unlimited Company (ULTD)
Incorporated Trustee.
Find Products To Export
How to Decide on What to Export:
Examine trends
Consider your passion
Check the competition
Make research
identify government/customs policy
Identify your market
Source for Foreign Buyers of Your Product
Go online
Chamber of Commerce
Attend Trade fair
Register with National Export Boards
Buying agents
Online AdsContact
Industry associations
Social media platforms

Find Suppliers of Your Product

Go online
Trade fairs
Referral

What to look out for

Stability
Another point to look out for is reliability
Quality
Price
Location
Determine the Price of Your Product
Get a handle on Logistics
Packing
Labeling
Documentation
Commercial invoice
Bill of lading
Consular invoice
Certificate of origin
Inspection certification
Dock receipt and warehouse receipt
Destination control statement
Insurance certificate:
Export packing list
Shipping
Insurance

Facts And Benefits Of The Import/Export Business

It can build or destroy a country’s economy
You need license to be a direct exporter
It can be capital intensive
can also be started with $0
There’s always a lot of mistrust issues between the importer and the exporter
Most products you want to import or export are already banned. How to Start Export Business in Nigeria

Business Opportunities In The Import/Export Business

Direct Goods Export:
Export Management:
Export Brokers:

How To Find Buyers For Your Import/Export Business

Leverage LinkedIn To The Fullest
Register With Export Promotion Councils (EPC)
Find Local Buyers Who Represent Foreign Companies
Fill Orders From Local Buyers Who Export To Foreign Organizations
Register On International Trade Platforms

Have An International SEO-Ready Website

Do Email Marketing
Hire Overseas Agents On Commission Basis
Contact The Countries Chamber of Commerce
Participate In Trade Fairs
Get Import Lists From Foreign Embassies
Internet Marketing

Challenges Of The Import/Export Business

Problems with financing and loans
Volatile exchange rates
Customs and taxes
Natural factors like drought, pests, and diseases for agricultural products
Sourcing from reliable suppliers
High and unstable product pricing
Logistics costs
Poor product modification to meet international standards
Getting export license and documentation
Government policies always interrupt long-term contracts

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