Nigeria is a great country filled with great opportunities and natural resources. Anyone wanting to venture into the export business can build the dream in this great land. Its diverse merchandise and global trade relations make it attractive for this business. If you've been considering the exportation business but are yet to do some research, this guide will help. In this guide, we'll explain how you can start an exportation business in Nigeria. Follow along!
What is Nigeria's Most Profitable Export?
Nigeria has several products that can bring great profits in the global market. Yet, some are outstanding, and we can't overestimate their profits and impact. Let's look into a few:
Crude Oil: No African country produces more crude oil than Nigeria. This is mostly because crude oil is its main export. And as the global demand for energy increases, crude oil will forever be a big deal.
Cocoa: Everyone knows Nigeria produces high-quality cocoa beans. What makes Nigeria successful in growing cocoa is the favorable weather and rich soil. Thus, the country isn't taken for granted in the cocoa market.
Cashew Nuts: In Ogbomoso alone, in the South Western part of Nigeria, the number of cashew nuts they produce is extraordinary. Now, if we examine the other states in Nigeria and their cashew production, it's safe to say Nigeria is among the top cashew nut producers.
Sesame Seeds: Sesame seeds are another export resource that's doing well in Nigeria. Various industries use them, including pharmacies, cosmetics, and more.
How Much Does It Cost to Start an Export Business in Nigeria?
The cost of starting an export business in Nigeria varies, depending on your operations. But by the end of this guide, you must have gotten a reasonable estimate to keep you going. Here are a few expenses to consider:
Business Registration: As an entrepreneur in Nigeria, registering your business is necessary. This step with the Corporate Affairs Commission enables you to operate legally. And everything might cost you around 10k to 100k or even more. It all depends on your business plan.
Licenses: Not every export product needs licenses. But if yours falls among those who need it, you must get it from reliable government agencies. The cost is dynamic, but they are mostly fees for certifications and inspections.
Product Sourcing: Once the above steps are settled, you can start sourcing for products you want to export. We can't decide on the total cost of this, as it all depends on the quality, quantity, and type of products you choose.
Packaging and Labeling
Shipping and Logistics
Marketing and Promotion
How Do I Become an Exporter in Nigeria?
Here are a few steps to follow to become an exporter in Nigeria:
Do thorough market research on different export goods in the country. This helps you identify the most and least exported goods.
Develop a detailed business plan and register your business.
Ensure your products are quality enough to meet international standards.
Understand export documentation like shipping documents and invoices.
Promote your business in any way you believe will draw in customers. Look into digital marketing, though.
The exportation business in Nigeria is wide and can be very rewarding. Yet, you must understand its nook and cranny before trying. With these tips, we're sure you'll do so great!