10 profitable Import export business opportunities in Nigeria That can make you millions

Let’s start by watching a video from exportimportpractical!

The use of fossil fuels is getting to the ground drastically and it is now one of the limited import export business opportunities in Nigeria and other West African countries. The fate of Nigerians getting jobs is being fondled with.

“Where will the money come from if the oil market is being taken away from us?” I always ask myself. Some of us do ask as well but may not have an idea of importation and exportation opportunities in Nigeria like I do.

In this article, I will introduce you to untapped business opportunities people will not like to share. If you have a little money with you, you are set to making more money than your neighbour while they see you in the house every day. Do you know what that is? that is an import export business opportunity in Nigeria.

You will get to know a lot regarding these business opportunities as you read carefully. Don’t forget to ask me questions in the comments section where you don’t understand. without wasting much time, let’s dig dip into the business opportunities in Nigeria and even in other countries like Kenya, Ghana, South Africa and some other west African countries.

Let us first answer some questions you are trying to ask before we proceed to import export business opportunities in Nigeria specifically.

What is importation and exportation?

import export business opportunities in Nigeria can make ou millions

Importation is simply the process of bringing in products and services from another country or country to your country. Why the mostly happens is because you don’t have that commodity in your country or you have it in small quantity that won’t satisfy the masses.

Exportation is simply the reverse of importation. The process where you send the commodities owned by your country to another country or countries. You don’t export the same products you imported as this will always result in financial incapacitation and will also alter the legitimacy in the process of import export business and the opportunities available for one’s country.

This process will not stop, yes! I mean in any country because no country has it all and thereby will depend on the individual country for one thing or the other. and this continually creates a loop which in turn results in the process called importation and exportation.

There are many facts associated with the import export business opportunities and I will discuss them with you in the course of this study. Let’s continue!

Import Export business what do they mean?

As I stated earlier in the meaning of importation and exportation, the transactions and communications associated with the import export model is the business. so many words are used to define what a business is such as trade, profit-oriented establishment, sometimes colloquially used as a company

Import export business could be seen as the activity of making one’s living or making money by producing or importing and exporting products.

When you convert your money for import products or convert your export products for money then you are into the import export business.

Can importation and exportation be done in Nigeria?

I know your question how it sounds, “is there any import export business opportunities in Nigeria at all?” smiles!

Different countries can import or export any product they have and in commercial quantity. The only hindrance will be if they have any international queries and are a red flag to other countries as well.

Nigeria, although it has some international queries, it has no gotten to the extent to cut off Nigerian import export integration with the international bodies and here is the opportunity for Nigerians like me and you to take off our mask, come out plain and let people trust you with their money.

Why import export in Nigeria?

Lots of natural resources we have in the country are wasted and there is no business built around it. When I was small, I heard that Madagascar came to Nigeria to pick palm fruits.

The shocking part of this story is that Madagascar is the top exporter of palm oil! Where are we in the chart? Yes, we have this resource but what value financially do we get from other countries with this resource?

When crude oil was first discovered in Oloiberi, Bayelsa state, Nigeria, we felt relaxed that a saviour has come, right? What is happening now with the oil price? We left the crude oil we were once known for.

What is the future of crude oil in Nigeria? This question Is what called for the import export business opportunities in Nigeria and for the youth to reiterate. The chart is actually reducing says tradingeconomics in her chat below.

Tradingeconomics crude oil production table

the chart is also in the window you can check it out!

Nigeria has several resources to export and I will cover most of them below. Some of you are asking

“what are the fact and benefits of import export business?”.

It is necessary to ask but this should not stop you from tapping into this money-making opportunity. I will clear off this question before I continue.

Facts and benefits of import export business

  • Import export business can build or destroy a country’s economy
  • You need a license to be a direct exporter
  • It can be capital intensive business
  • It can also be started with little to no capital
  • There’s always a lot of mistrust issues between the importer and the exporter that’s why i stated earlier that you should come out plain and build trust.
  • Most products you want to import or export are already banned and if you proceed to use the backdoor, you’ll be flagged red and it will truncate your business success.

Am sure you are ok with this

successful people in this Import export business?

It’s pointless to know who is making money from a business before you step up. To me, I feel it’s a lazy man’s approach to some extent.

Why want to know one’s portfolio before investing in the stock market or cryptocurrency? Maybe I am going out of point here. Let me come back

Many friends of mine are benefiting from import export trading and you may not know them. I will list some of the reputable and rebound personnel who have in one way or the other made fortune from this scheme.

seair has a database of almost all the importers and exporters in Nigeria

I will not be able to list all of them so I took a screenshot of some names in the database for you to see.

head on to the seair platform to see all of them.

To further acquaint you with the money-making guys out there

#1 Dangote.

No one has taken this top position of being the African richest man from him yet.

Dangote is into a general conglomerate and his business takes him to countries. He has been dealing with the import export business say back in the 90s and now his products sell round west African countries.

He also imports goods and services of the whites to palate his business affairs.

#2 Base1 Logistic

Have you heard of the shipping company owned by Nigerians? The base 1 logistics.

They are logistic service for import export business. Not only do they do logistics, but they also buy products from one country and sell them to another country.

They also help people buy their own products

I do importation majorly, as a side hustle anyway but I have seen a good result in ROI.

Cosmetics products, cell phones, etc is what I deal on. I also have an affiliate store that Omegapayz also promote for me. You can check out.

How profitable is import export business in nigeria?

This business is like “blood money” smiles.

And the only time you lose money is when cargo sinks, plane crashes or custom correlation.

I have noticed when a friend of mine sold Onions worth 300 Nigerian nairas at about N6,000 excluding shipping.

Profit in the export business could range from x2 to x10 or 20. No one will ever tell you that. I have a master class which I will guide you to this business. If you are interested, send a mail to admin@omegapayz.com. and we will respond as soon as possible

Import export business opportunities in Nigeria and how you can go about with it.

Now the time has arrived to know what these products are and how you can start your import export business. Without wasting much time let’s look at the various products in Nigeria that can either be exported or imported.

After this, you will know how to tap into this import export business opportunity in Nigeria

items that are profitable to import

Tons of items we use in this country are imported. Ranging from cars, household items, gadgets, refined crude oil, rice, fashion, fruits, etc are largely imported into the country.

Importing some of these goods is good and some are profitable. Some worth the stress while some do not. Some are capital intensive while some can be accessed by the common. Do you want to know the profitable ones? Then stick around.

1.Rice

2.Fish

3.Mobile phones

4.Industrial machinery

5.Packaged medicaments

6.Cars and motorcycles

7.Cereals

8.Essential and vegetable oil

9.Medical equipment and apparatus

items that are profitable to export

Interested in exportation? you want to start exporting commodities to other countries from Nigeria, then start from learning what Nigeria has to even export. The list below gives you a clue to what we have in excess and can commercialize to increase our economy…

1.Cashew nuts

Cashew nuts in Nigeria had been posted a high value

These products have alternative benefits apart from food, it serves as raw material for the production of chemicals, oil paints, pesticides, fungicides, electrical wires and different oils.

The presence of cardanol oil makes it a general-purpose Agri product for various industrial purposes e.g organic phenol.

Cashews are health essentials, reducing cardiovascular and blood risks, protecting eyes, supporting weight loss, and preventing cancer … Cashews are high in fat and rich in vitamin E, magnesium and zinc. Therefore, this nut stands as an essential ingredient for pharmaceutical and dermatologic products.

Nigeria exports to the US, India, Spain and many regions in Europe, including the Netherlands.

2.Cocoa

Nigeria is the fourth largest cocoa producer in the world, with an annual output of about 240 thousand tons.

It is another most pronounced export product in Nigeria and Nigeria has an avalanche of cocoa plantations which harvesting periods always start around August.

The amazing part of farm products is the seasonal harvest. cocoa prices increase when the main crop harvesting starts every year but has some months around the quarter which cocoa is sold at a very cheaper rate.

Export traders are always very active in the cocoa plantation and the market during the main season to buy, sell and export early cocoa. Here is where the price juice comes in.

Some sell the seeds while some refine the cocoa for beverages. Which makes everyone a participant in the field

July, August, September and October. These months scare export traders because of the price rise. Why!

These months have it to be rainy and cocoa plantation requires much work or else cocoa goes into extinction.

3.Crude Oil and related products

It is rather pointless to mention this resource which incapacitated the Nigerian youth. has the largest oil and gas reserves in Africa South Sahara (34 billion barrels and 2000 billion cubic meters of natural gas),

The USA refiners have now increased imports of crude oil from Iraq, Nigeria, Brazil, and Angolan.

Now, oil determines growth or recession in the country. From the total export value, oil and oil products make up about 94%!

4.Ships and boats

In 2018, Nigeria has built and sold ships and boats to other countries in a total value of more than 1,3 billion USD.

Since we are surrounded by waters, the majority cultivated the pattern of fishing from grandparents. An approach that led them to repair their boats by themselves and later build boats from scratch

5.Rough wood

Africans and their environs are also known for their hardwood. This wood is known for its strength and it is also used in the furniture industry.

Nigeria exports yearly, wood in total value about 321 ml USD. But recently the Nigerian government has put in place high restrictions for logging to save the forests and animals living there.

Other products include

6.Fruits, nuts

7.Oilseeds

8.Fertilizers and pesticides

9.Tobacco and related products

10.Aluminum/metal

11.Plastics and plastic products

How to start import export business in Nigeria

The following steps are going to give you the business guide on how to start an import-export business anywhere in the world.

It is better in Nigeria due to the overwhelming opportunities and untapped ideas.

#1 Choose Your Business Name and Set up a Website

Gone are those days we use town criers to know what is going on in society and television in the world. You will notice that the vast adverts go through online platforms and very few take an opportunity in the television.

Without a website or blog, you can’t have a networked import/export business through television adverts these days.

Go get yourself a platform that allows you to develop a presence online and grow your business beyond your wildest imagination.

Omegapayz has made it very easy for whosoever wants to set up a website. Check out our services.

The aim of having a blog or website for your import export business is to balance the flow of communications.

You can also sell products online (or offline) and build your customer base to drive profits for your international business just like base1 logistics I told you earlier.

business plan templet on how to start a successful phone selling business
Business name template

Business name is not a new thing to be discussed but if you are just visiting the site, check out how to write a business name in one of previous my articles.

You can check the one for barbeque business or laundry business or cosmetics anyone regarding his to start a business carries steps to getting a business name.

Step #2 Pick a Product to Import or Export

This import export business can be annoying sometimes when you are being handled like football. You can not serve all customers else you will lose all customers. This is more or less a niche.

Decide On the kind of costumes you want to serve and stick with it. Deciding on costumes doesn’t mean personality, it is the kind of products you will like to export or import. Never try to import everything! Of course, you can’t

You have two viable reasons for choosing a product to import or export: you know it will sell or you like it.

Hopefully, you can meet both criteria. “That’s an ideal business model” as often said by promoters and marketers.

But come to think of it, Would you buy it if you saw it in another part of the world? If so, then you are on to something.

Step #3. Source for a reputable Supplier

Once you are settled about what products to import or export, try and know the business model, feasibility and marketing strategy. If you were its creator, how would you improve it?

If you can visit the company direct, Go to the manufacturer and suggest product improvements to turn a mediocre product into something slightly ahead of its time.

Your suggestions might mean the difference and you will, in turn, behold in high esteem in the company.

The easiest access to reputable suppliers might be AlibabaGlobal Sources, 1688, aliexpress and Thomas Register. There are other wholesalers, but these three are considered the holy grail to finding high-quality suppliers, manufacturers, exporters, importers, buyers, wholesalers and trade leads.

Step #4. Price the Product

Some of the things I have learnt within the few transactions I have made so far though at a very wrong time is what you are getting early on.

I now understand that the business model for an import/export business is based on two critical elements within the international sales operation.

  1. Volume (number of units sold).
  2. Commission on that volume.

The more the products you get from companies like alibaba the more profit you make because the price of one unit keeps reducing as you buy products are more.

The goal is to price your product in such a way that your commission (markup on the product to customers) does not exceed what your customer is willing to pay and offers you a healthy profit.

Typically, import export traders get about 15% profit in their product sale

This is almost the price a manufacturer charges you when you buy a product from them.

The more you sell, the more you make. Remember to keep your product pricing separate from logistics because, at some point, you combine the two to determine a landed price per unit.

A good transportation company like base1 logistics, DHL, and others can assist here. Don’t let this part intimidate you!

Step #5. Find the Right Market and Customers

You’ve selected a product; now you must look for someplace to sell it!

Provided you have done a good job with search engine optimization on your blog or website, customers will find you. It is not the case if you haven’t

Tracking trends or even spotting potential trends is a good sign of turning fans into customers. Getting in on the ground floor and importing or exporting a product before it becomes a super-seller in a country could be the business breakthrough of a lifetime!

You should also go hunting for customers! Check with local contacts, such as trade organizations, Chambers of Commerce, embassies and trade consulates.

These organizations are the best bet for this data and they know who’s doing what in the international marketplace.

They can offer contact lists specific to your niche and also suggest trade shows that are taking place locally and internationally that might help you connect with customers in a faster and more efficient manner.

Step #6. Mobilize/Transport Your Products

When you are now sure of your customers, Your next step is to focus on logistic systems.

Transporting the shipped product to where you will be selling it is actually not the deal but the buyers.

By now, you have located a customer who loves your product, solidified the terms of the sale with them and established a means for getting paid. Now you must move your product.

Step #7. Always ensure to say thank you when closing a deal.

This part has explicitly explained itself and doesn’t call for extra explanation.

Always make sure you close a deal and not leave it open.

Conclusion

Whether you are exporting from Nigeria or Importing to Nigeria, there is apparently no difference in the process. Just get your documents ready and your counterpart will as well.

I will totally agree with no objection that I have not covered everything in this article.

What if I had done that, would you be able to exhaust the material? Can you read for two hours?

If so, I have a free import export coursebook I compiled for beginners you can get one by sending a request mail to me through service@omegapayz.com

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