How to Start an Import / Export Business in Nigeria

– Start an Import Export Business –

Are you thinking about how to start an Import/Export business? I would like to bring to your knowledge the meaning of business, also make you know what import and export mean.

When talking about business, the dictionary defines business as a person’s regular occupation, profession, or trade.

When we talk about imports, we are talking about the bringing of into the country from abroad for sale, export is sending out goods to another country for sale.

Import and export business is the key driver of growth or recession in any country. Depending on the way things are, is always profound.

In this article, I would like to give you an idea of how to start an import/export business, the requirements for starting both businesses.

Requirements for Starting a Business in Nigeria 

The following are the requirement for starting a business in Nigeria;

1. Have a Unique Business Idea

Before you start up an import/export business, have an idea about the business, what goods you want to deal with, and how you are going to achieve it.

Ensure it will solve the needs of people each day. Go on research and find out more about the business, the problems you will face, and how to solve them.

2. Have a Business Plan

The next step is to write a business plan. This will determine the kinds of problems your business will heal, how long the business will last, its values to customers, how you want to generate revenue in a short term

as well as profits in the long term, it will determine how much you will gain, how you will raise the capital of the business and lots more.

3. Choose a Location

After having a business plan, you must determine where your business will be located. Your business must be close to target customers.

Where you choose must be close to people with the highest chances of paying for your products.

4. Raise a Business Startup Capital

Before you start, have an idea, and be sure, you must clearly define your means of how to run your day-to-day operations financially, promote your business, and so on. 

5. Choose a Legal Structure

Before you do this, you need to know the various legal structures and comfortable you will be with them.

Understand the legal structure you want to form around your business, this is very important before you move on to register your business.

6. Register your business with the Government

Register your business with the government. When you want to do, you need to get an article of association, this contains a lot of information about your business.

In Nigeria, it is unnecessary to get a to register a business name.

7. Register with the Federal and State Tax Offices

After registering with the government, register with the federal and state tax office.

When you do this, they will provide you with your which you will use for others, like opening a bank account and so on. 

8. Get a Bank Business Bank Account

You need to get a business bank account after registering with the federal and state tax to save your business tax. 

9. Hire the Right Team

Employ the right team to co-run your business. If it is a small business, you don’t need over one to start with. 

10. Start your Business

After you have done what needs to be done, you can then start your business 

11. Grow your Business

After you have started our business, and have tried satisfying your first set of customers in your initial market, the next thing is to look for a way to enlarge your business. Try to create awareness, to expand the business.

Import/Export Business Requirements in Nigeria

To import and export goods in and out of Nigeria, you need to do the following;

1. Register The Business:

Before you start up a business in, register the business. When this is done, you can open a bank account for the business.

When you are ready to register your business, they will search names to see if your business name is available when this is successfully done.

You are now free to complete your registration and continue by getting an import and export license in Nigeria.

2. Have a minimum of two directors:

In registering your business, have at least two directors, especially if you are registering a company. If you register as an enterprise, you might run the business on your own.

But when you register as , you don’t have a choice because the law states that there must be at least two directors for a liability company to be registered.

3. Have a Registered office address:

 

If you are starting an import and export business in the country of Nigeria, you must have a registered office address.

Initially, use your home address, since you have just petty cash to get an office till your business scales.

4. Get a Tax Identification:

After the business has been registered, the next thing to do is to get a tax identification number. This shows that you are a registered taxpayer in your country. This will be your first step towards becoming tax compliant.

5. Register with the Nigerian export promotion council:

This is one of the most important stages. This registration is very compulsory because without this you may not run an import and export business in Nigeria.

To register with this council, you must visit their first and then call their office in your state in Nigeria. This council is very helpful and responsible.

6. Register with the customs by completing the form NXP:

This registration is usually done with any commercial or merchant bank of your choice.

7. Get special licenses and permits for the goods you are d
ealing with:

In an export and import business in Nigeria, get the right license for the goods you are importing or exporting.

8. Get a full license from the countries you are going to be importing or exporting from:

You are required to get the required l the country you are exporting your goods to. Failure to do this could cause a loss of investment.

9. Verify your products and make sure they are not on the prohibited goods:

They must check every good that you import or export across to ensure that it does not prohibit them goods list. Importing or exporting goods in this group listed will get you arrested.

10. Get your insurance covered:

Make sure you get your for any product that is imported or exported, so you can regain your investments if the goods get damaged, while in transit.

11. Partner with a freight forwarding company to ship your goods:

They are usually very experienced and have faced almost any issues you stand to face when running your business. 

How to Find Buyers for Your Import/Export Business

Make sure you do the following to find your customers!

• Leverage Linked into The Fullest
• Register With Export Promotion Councils (EPC)
• Find Local Buyers Who Represent Foreign Companies
• Fill Orders form From Local Buyers Who Export To Foreign Organizations
• Register On International Trade Platforms
• Have An International SEO-Ready Website
• Do Email Marketing
• Hire Overseas Agents On Commission Basis
• Contact The Countries Chamber of Commerce
• Take part In Trade Fairs
• Get Import Lists From Foreign Embassies
• Internet Marketing.

Frequently Asked Questions

1. What are my options if I don’t want an international business to assist in my company’s global wealth?

Answer: I will recommend that you gain the knowledge. Advertise your company online.

2. Why wouldn’t you take my product and promote it globally?

Answer: Because we are not trading agents, our multi-industrial experience has shown that only those businesses have one long-term international marketing strategy.

They can achieve their target markets and get excellent positions in the countries they choose.

What’s your take on this? We believe this article was helpful. If yes, don’t hesitate to share this information with your friends on Facebook, Twitter, and WhatsApp.

StudentsandScholarship Team.