How to Start Export Business for Beginners is written to guide you into executing your plans for an exportation business in Nigeria.
How Profitable is Export Business in Nigeria
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Nigeria is a country blessed with numerous raw materials. Our industry is majorly an extractive industry and not a manufacturing economy. In fact, there is an abundance of raw materials and a gross under-utilization of these raw materials.
Since we can’t possibly consume all the raw materials we extract, it becomes lucrative to export them to countries that have less of such raw materials.
Read on to learn how to start exporting things (be their raw materials or processed and packaged products) to other countries.
How to Start Export Business in Nigeria
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Here are Guides on How to Start Export Business in Nigeria:
1. Draw a business plan
Draft a plan for the business you are about to engage in. In the plan, you will write down the name of your business venture.
Your plan will also state the goods you will be exporting, the suppliers of these goods, the country you are exporting to, the potentialities of the business, and the risks involved in the exportation business.
By the time you sit down to draft this plan, you will be able to brainstorm and come up with concrete ideas on how to make your business work.
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2. Register your business venture
Take the business name you developed in your plan to the Corporate Affairs Commission and have it registered. Move on to the Exports Promotion Council of Nigeria and have your export interest officially covered.
3. Source for export commodities
Begin gathering the goods you wish to export. You can export processed and packaged foods as well as raw food items.
Note however that the government of Nigeria has prohibited the exportation of certain commodities such as beans, yam, cowhides, etc. get these products ready and in a state for exportation.
Have them well packaged to the taste of the countries of destination. If you do not know what to import, check online to discover raw materials that are in high demand by other countries which Nigeria has in abundance. Decide on the prices of these commodities.
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4. Locate foreign buyers of your export commodities
Most food items exported from Nigeria are consumed by Nigerians based abroad. Locate these Nigerians or create a means through which these commodities can reach them.
If you have contacts abroad, they can help. When you have one buyer, encourage that one to put the word across to other Nigerians and West Africans around.
Check on the internet for goods that are in high demand and locate the location of those in need of such commodities. Establish contact with the clients in the destination countries.
5. Make arrangements for export logistics
As one engaging in product exportation, you need to have some knowledge of export logistics. Now if you are too occupied to do this yourself, you should contact a reliable company to do this.
There are freight forwarders to handle this. Have your goods properly documented while shipping as required by the Nigerian export policy and the policy of the country of destination.
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5. Start shipping out your export commodities
Before you have the goods shipped out, confirm with your contact where the commodities should be shipped to.
Make sure the commodities are well packaged and labeled to prevent damage and misplacement in transit.
Be sure to be on alert to discover other commodities that are in hot demand that was not initially in your plan.
Learn how to water the grounds for easier custom protocols. Get serious with the business and you will not regret the exportation business in Nigeria.