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How to Start Export Business in Nigeria

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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?

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.

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

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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