There are countless businesses one can start in Nigeria, but not all of them promise mouth-watering returns like exportation business. Just like Importation Business, Exportation is lucrative as well. As long as you have an incredible product, selling them to your international market will never be a hurdle.
If you’re thinking of starting an exportation business in Nigeria, pat yourself in the back, for you’re a genius. Without further ado, let’s delve into how you can start this lucrative business without having to sacrifice your hands and legs.
Register A Business Name
It means registering your business with the Corporate Affairs Commission (CAC). Before you can commence operation, you have to ensure your business is registered with the CAC. A business registration allows you to hire full- time employees and pay them according to state laws.
It allows you to hire full-time employees and pay them following state laws. So if you plan to hire employees to your business, it’s best to take care of registering your business before you even start the search for workers.
The Corporate Affairs Commission is the Agency authorized by the Company and Allied Matters Act 1990. Hiring a lawyer to help with registering your business wouldn’t be a bad decision.
Here are the types of business registration in Nigeria:
Registration of the business name,
- Registration for Private Limited Company (LTD),
- Public Limited Company (PLC)
- Company Limited by Guarantee (LTD)
- Unlimited Company (ULTD)
- Incorporated Trustee.
Discover A Product To Export
Before you even think of dabbling into the exportation business, you first have to discover a product. Ask yourself, what does your envisioned target market want? Some of the export goods include cocoa, plantain, latex, rice, and so many of them. No matter the product you have, there is an international community that needs them. When you discover the ideal product to export, you’re halfway through already.
When looking for a product, go for those in high demand. Since you’re probably going to export in large quantities, you become a supplier to many manufacturers. Your proposed product has to be a hot demand product in the country you’re targeting.
Before you decide the product to export, ensure you know the rules regarding its exportation. Some products sell more often than other products in the international market. Once you have a great product, there will never be a problem selling them.
Therefore, what you can export is likely to be the most challenging and most crucial question you will have to answer. The good idea is to look for a product category or offering that triggers an urge to be an exporter.
Find Suppliers For Your Products
When you’re new to the marketplace, you might encounter a little hassle when selling your products. That is because no one knows about your business yet. Do your findings and identify potential countries where your product is well needed. You can also visit the website and search for potential suppliers for your products, investing in your product awareness and getting familiar with some local market for more credits.
Marketing And Logistics
It represents the entire supply chain, including transportation, promotion, warehousing, and shipping. Your overall international logistics and fulfillment strategy should involve planning your transportation and compliance strategy together.
Be sure that you know the cost and delivery experience of your logistics provider. Investing in an online marketing tool is vital; you are also expected to know how to pack and label the product correctly, documentation and ensure against any damage. You can also hire freight forwarders to take care of all the logistics while you focus on bigger things.
Products You Can Export
There are way too many products you can export from Nigeria to other countries, e.g.,
- · Ginger
- · Pan kernel
- · Yam tubers
- · Cotton
- · Cassava flour
- · Cashew nuts
- · Snails
- · Garlic
- · Cocoa
- · Cocoa butter
- · Rubber
- · Textiles and garments
- · Honey
- · Shrimps
- · Palm oil
- · Vegetables (fresh and dry)
- · Melon (Egusi)
- · Ogbono seeds
- · Plantain
- · Dried fish
- · Breadfruit (ukwa)
- · Locust beans
- · Bitter cola
- · Cola nuts
- · Local rice
- · Beans
- · Palm fruit
- · Charcoal etc.
There are countless products you can export from this country.
Before you can successfully transport a product outside of Nigeria, you must register with the Nigerian Export Promotion Council (NEPC) for the appropriate license and documents. This body is charged with exporters’ directory and verification of exporter’s certificate. Also, this body has tons of resources that guide new exporters to understand the business better. By listing your exportation business directory on NEPC, you become eligible to take orders from any location around the world.
Starting an export business in Nigeria requires careful planning, capital, market strategy, management commitments etc. Like every other business, the export business has its challenges. This guide is not exhaustive, but it will get you started on your journey as an exporter. So, do you think the exportation business is a viable business to start?