Venturing into export business in Nigeria
is a very profitable business. There are a lot of cheap agricultural local
products you can export to the international market. Some of these agricultural
local products are very cheap here in Nigeria, which means you can make a lot of
profits exporting it to the international market. An example of some local
products you can export from Nigeria are; Sesame seeds, cocoa, charcoal, coffee,
kola nuts, palm kernel, coconuts, cashew nuts, cotton, ginger, cow horns and
hooves, timber cimelina, shrimps and prawns, shea nut, rubber, etc. There are a
lot of agricultural local products you can export from Nigeria to other
countries. Despite the facts that export business in Nigeria is very lucrative
it also have some challenges. A lot of exporters in Nigeria do not actually know
the rules and regulations binding the export business in Nigeria and also the
legal requirements for starting and running the export business. On this
article we are going to look at the major requirements before starting an export
business in Nigeria. The following are the 6 major requirements before starting
an export business in Nigeria:
1. Securing a unique business name for
the export business: You need to get a unique business name and register it
with Corporate Affairs Commissions (CAC). When you register your business name
with CAC your business will be added to the list of businesses officially
recognized by the Nigerian government.
2. Getting a secure and registered
office: In Nigeria today every export business must have a registered office or
at least an office address. The Nigerian government is really interested more
in you having an address for your business than even having an office
structure.
3. You need to register with Nigerian
Export Promotion Council (NEPC): One of
the rules of the Nigerian Customs Service is that anyone who is willing to
engage in export business in Nigeria must register with the Nigerian Export
Promotion Council (NEPC). The aim and objectives of this council is to enhance
and encourage exportation of commodities in Nigeria other than oil with the major
aim of generating national revenue through alternative means. You can visit the
council official website to register.
4. Opening of domiciliary account: To
venture into export business in Nigeria you need a domiciliary account which is
also known as a dollar account. Just work into any of the commercial banks and
make an enquiry about the procedures of opening a domiciliary account. This account
is what you will be using to receive payments.
5. Getting the special licenses and
permits: In Nigeria every business has its own licenses and permits. Venturing into
an export business in Nigeria has its own licenses and permits that actually indicate
the government’s approval of the business. If you want to actually know the
kind of licenses and permits you need to obtain just try and conduct an extensive
research or you can contact a seasoned business lawyer who really has deep
knowledge about export business in Nigeria.
6. Obtaining the right licenses from the
targeted foreign country: Almost all the countries in the world today require
that any individual or companies who is planning to sell their product or
commodities to their citizens must obtain certain licenses and certifications. As
an exporter what you really need to do is to find out more about the country requirements
you want to export your products.
Post a Comment