How to Get Import and Export License in Nigeria 2024
Globally, trade between countries has proven to be reliable for the introduction of foreign commodities to boost the world economy.
Most times, export trades between countries are carried out by private investors who make their individual gain as well as contribute to the economy of their country and the country they export to via tariffs.
In Nigeria, businesspersons with huge capital for export trade go through procedures to effectively carry out their trade.
A major requirement for export trade in Nigeria is the Export License. Any businessman or woman that carries out export transactions in Nigeria must have an export license to avoid getting into serious legal battles that would cost them much.
In a country like Nigeria that operates a capitalist economy, the need for an export license cannot be underestimated because there is great competition among exporters. Having issues while trying to export goods is the last problem an investor would wish to face.
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How Profitable is Import and Export Business in Nigeria?
Without a doubt, starting an export business in Nigeria is one of the most profitable ventures as there are numerous goods that are cheap here in Nigeria but sell for higher prices abroad and the demand for these goods are equally high in foreign countries.
Do you own a business? Do you want to own a business?
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YES, I WANT ACCESS TO THE EXCLUSIVE TRAINING FOR FREEIndividuals with the know-how and capital on the import-export trade stand to make huge gains. Despite the lucrative nature of the business in Nigeria, there are challenges confronting exporters with a notable example as poor knowledge of rules and regulations guiding export trade in Nigeria.
This problem has landed many exporters in Nigeria into serious legal battles which are no good for business because, in the end, a lot of money is spent to make amends in court. In some cases, businessmen lose much more than profit made from exporting commodities abroad.
Why You Need an Import and Export License in Nigeria
Prior to venturing into export trade in Nigeria, it is relevant to obtain a license from government agencies charged with the responsibility of issuing licenses to exporters in Nigeria. The aim of this article is to create an insight into how importers and exporters in Nigeria can get an export license to avoid legal troubles.
The relevance of a license lies in the fact that it allows exporters to conveniently carry out a shipment of commodities approved by the government from Nigeria to foreign lands.
Where to Get Import and Export License in Nigeria?
There are only two governmental agencies in Nigeria charged with the issuance of licenses to investors. The Nigeria Export Promotion Council (NEPC) and the Federal Ministry of Solid Minerals Development are the two government agencies responsible for issuing licenses to Nigerian exporters.
While NEPC is saddled with the role of issuing export licenses for agricultural commodities and manufactured goods, the Federal Ministry of Solid Minerals Development is responsible for giving out licenses for extraction and exportation in Nigeria.
However, there are requirements for getting an export license in Nigeria; they include registered company and business name, registered office, NEPC compulsory registration, Form NXP, and other/special licenses and permits. The requirements for getting an export license are explained below.
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Requirements to Obtain Import and Export License in Nigeria
Registered Company and Business Name
This step is extremely important in getting an export license. For any exporter in Nigeria, it is very essential to register his or her export company and name with the Corporate Affairs Commission (CAC) in Nigeria. This ensures official recognition of the company by the government.
Also, a major relevance of registering your export company with the CAC is visible in the fact that another company cannot use the same business name for registration. It is equally important to point out the fact that an exporter cannot use another exporter’s company name for registration; every new export company comes with a new name to preserve ownership rights.
Registered Office
The relevance of an office where all administrative activities are carried out cannot be underrated for any business venture and the export business is no exception. Having a registered office or an office address is a compulsory requirement for getting the license. It is needful to note that the government is much more interested in an office address.
Some companies start on a small scale and home addresses are used in some cases, the necessity of having an office address where an export company can be located or traced when the need arises is useful for getting an export license.
NEPC Registration
Registering with the NEPC can be said to be the most important step because it is the agency charged with the responsibility of issuing export licenses to businessmen and women. Not registering with NEPC is as good as forgetting the idea of starting an export business.
The Nigeria Customs Service has made it compulsory for anyone willing to engage in export business to register with the NEPC. The motive behind the establishment of the NEPC is to encourage the export of other commodities rather than oil, this is in a bid by the Nigerian government to diversify the economy.
Registering with the council can easily be done online by visiting their official website at www.nepc.gov.ng. Full guideline and procedure for registration are clear on the website.
Form NXP
It is equally important under the rules and regulations of the Nigeria Customs Service for exporters to complete and register the Form NXP with authorized dealers whether merchant or commercial banks. Form NXP is mandatory for all exporters in Nigeria.
An exporter is free to select any authorized dealer of his or her choice because the dealer will be in charge of the exporter’s funds and business transactions. The exporter will be required to set up a domiciliary account where payments will be deposited.
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Aside from the export license, businesses in Nigeria require certain licenses. Every businessman or woman that wants to get an export license should not neglect licenses secured in the past. These licenses and permits make it easier to obtain the export license.
These permits could also prevent future hazards for an exporter in the form of legal battles. No business document is irrelevant for an exporter while trying to get a license and for easy export trade.
Note: Click here to learn the step by step process of buying quality products at discount prices from the US and selling them in Nigeria
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