How to Start a Successful Importation Business in Nigeria

Becoming an importer of goods or products in Nigeria involves a lot of tasks. Apart from the fact that it requires a huge amount of money, there are also some legal process involved. Nigeria is an import dependent country and depends widely on importation of some certain goods to fill up the daily needs of its population. Most successful companies in Nigeria strive mainly on importation of domestic and commercial goods from distant countries.

The basic factors that makes this business lucrative is the need to fill up the gap for goods that are required in the country but not yet manufactured locally or commodities which are sold in overseas marketplace at a relatively cheap price are sold at a much higher price in Nigeria.

The following guide below will help direct your steps to the right part.

  • Effective Market Survey

You need to do a proper market survey and also conduct one on one inquiry if you can with the sellers of the products you intend to import as to have the real local wholesale price before you conclude to import such products. Knowing or getting the buyers in advance is also vital.

  • Study the External Market

You also need to study the external market value and right sourcing price and the best market where to source for the product you wanted to import. Some products are cheaper in certain countries and may be expensive in other countries. Notable countries for exporters from Nigeria are China, UAE (Dubai), India, United States, Germany, Italy, Spain, Turkey, and Malaysia.

  • Obtain a Valid International Passport

Travelling is one of the basic need to be an importer, thereby it is necessary to visit an Immigration Office in any of the States in Nigeria and apply for an international passport. 

  • Register your Business

You have to register your business with Nigeria Corporate Affair Commission, a body in Nigeria that handles all business formation. 

  •  Pay your Tax

You will be required to present evidence of three years’ tax payment before a travel visa will be issued to you. 

  •  Travel with someone who is in the Business

As one travelling to a country for the first time, you may need to travel with someone who is already in the business as he will take you to places where you will get what you need at a more reduced price than you doing that entirely on your own for the first time.

  •  Change your Money

You will have to change your money to the currency of the country you are travelling to. Such transaction can take place in banks, or bureau the change in various locations in Nigeria.

  •  Ensure you return within the approved time.

Make sure you return to Nigeria within embassy approved time as failure to follow the directives will amount to a denial of visa next time you want to make another trip of this kind.

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