Export Business information in Nigeria
Exportation in Nigeria is one of the business transactions that always enhance the country foreign reserves. With the current naira fall against dollar, that has negative effects n purchasing power of naira. Many entrepreneurs are likely to shift to export deals rather than import deals.
There are export business requirements in Nigeria. Any company or individual that wants to involve in exportation must fulfill the criteria. I will take you through the way you can be a successful exporter of goods in Nigeria. Export business requires special understanding of the current economic system of the country sending goods to. You need to know which products are in high demand and the quality standard requirement of such.
How to start export business in Nigeria.
- Research on the area of interest niche
Most people just tangle into any business because they heard that of the sales, and the profit in dealing with such business. You need to make thorough research on what is involved, the policy, the system and the manner of which the business is being done. Example, exporting of cocoa and Shea butter are different in terms of packaging, laboratory test and storage. You need to identify your exporting niche and trends.
- Get genuine buyers’ contacts
This is most difficult aspect of export business. To source for buyers can be tasking especially if you are new in the business. I will give you tips on how to get genuine buyers.
- Join your local seller association and cooperative society for the goods you want start exporting.
- Join online trade hubs companies that have the directories of both buyers and sellers. Though, it will cost you subscription fee. It may be yearly or monthly.
- You can contact the embassies of the countries you are exporting to, in your country of residence to confirm the legitimacy of the buyers details
- Search on the internet the companies that use that particular product as raw material. Send mail and put call through for better communication.
- Join B2B Business to Business and B2C Business to Customers forums and portals to connect with buyers
- Join some social networks like facebook, twitter, linkedin pages to connect with buyers
- You can advertise on some trade portal websites for availability of the products and services for sales.
- Source for quality and cheap suppliers locally
One thing that must be instituted in international business is trust. Delivery of quality goods to buyers as slated in the quality and quantity analysis issued should adhere to. You can go for local supplier or use the service of a consultant to assist you.
- Trade term and documents issuance
Trade term is more important to international business. Term of service must be well stated to know how to source for funds. Financial instrument advice to accept from the buyer is standby letter of credit. And term of trade should be FOB Free on Board for seller. Though, the buyers will push (Cost, Insurance and Freight) CIF.
- Reliable freight forwarding services
Find a trustworthy freight forwarding company in Nigeria to assist you. Be sure you check their background, reviews from the customers on internet.