How to Start Export Business in Nigeria

Submitted bydoncheks onMon, 04/23/2018 - 07:38

A country full of vast resources like Nigeria has been limiting her opportunities in export business. In order to increase the country’s Gross Domestic Product (GDP), the government has also engaged in activities that promote exportation in Nigeria. On 22nd of June,2017, the Nigerian Government introduced the exportation of yams to the Nigerian market. 72 tonnes of yams were exported to the United Kingdom. The long term lack of Nigerian products in other countries is alarming as the demand for Nigerian products are on the rise.

These results got from Exports succinctly showcase a mass opportunities for upcoming investors. Some potential investors have decided to stay clear from this viable business after calculating the risks involved and the hard work that would be put in place in sustaining an export business. Meanwhile, it is necessary to note that before one ventures into any form of business, there must be a plan.

Learning how to start export business in Nigeria is a good start that involves serious reading. Without enough experience, knowledge and the right communication, going into exports will result to immense failure. But being well equipped with the right knowledge, a highly lucrative business like export would yield massive profits.
Here are some points to consider before going into export business in Nigeria

    Learning about Export: Look before you leap is one saying you should embrace when going to a highly profitable yet risky business like exporting. You will need to know about the requirements needed such as licensing requirements, port procedures, product sourcing, working with foreign agents and distributors and uncovering profitable foreign markets. Information needed can be got from a veteran in the business and from reading. Learn to ask the right questions in order to get the best results.
    Finding out the Products You Want to Sell: After doing a thorough research on the nitty-gritty of exporting in Nigeria, the next step is to look for the right products you want to export. There are many goods to pick from in the Nigeria market but it is necessary to focus on one that has a high demand. Some people venture into many products at the same time which could lead to a gross loss at the end. Therefore, a potential exporter should lay focus on a particular product. As written earlier, one must weigh the risks involved and the overhead cost before choosing a product. It is noteworthy to mention that some of the products are seasonal. Hence, you are expected to be logical by discovering which product would be available to your disposal before the season lapses. Some of the products are cashew nuts, cocoa, mango, charcoal, yams, kola nuts and so on.
    Sourcing for the Right Channel: A decision must be made to determine the supply chain of the product; either from your source or from other manufacturers/producers. With a high demanded product, one should have more than one suppliers in order to avoid unnecessary delay. Compare the prices and choose wisely.
    Registering your Business: This is another vital point a serious exporter must consider. Going through the legal process gives a business much credibility and a better outlook. Most foreign investors like to work with clients who have legalized their business. They usually seek for a certificate of incorporation and other documents which shows that they want to partner with a legally recognized person(s). You should register an export business with the Corporate Affairs Commission in Nigeria.
    Finding the Good Buyers: After equipping yourself with the right documents, the next step is the find buyers. Social media has made it easier for any exporter. One must use the advantage of the internet to get many viable buyers as possible. Trade websites are really available for use. What you need to do is join the various trade websites, become an active member and start finding right buyers to do business with. Also, trust established should be guarded with utmost care. Hence, the products you wish to export must meet international standards.
    Advertising your Products: Digital marketing is one of the best tools used to display your products in our world today. This platform should be extensively used to build a large market and increase cash flow. Attending trade fairs and missions would afford one the opportunities of meeting with potential buyers and building more grounds for the expansion of your business.



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