As the Federal Government remains poised to diversify the nation’s economy, investment experts say the initiative presents abundant export opportunities for Nigerians.

Starting an export business in Nigeria is one of the most lucrative business decisions you can make. The reason is because most export commodities are worth much more in the international market than they do in the local market. The business offers unlimited opportunities and ultimately unlimited profits.

Here are some legal requirements for starting export business

Company registration with Corporate Affairs Commission under a unique business name. This will add your business to the list of businesses officially recognized by the government. And it’s enough to ensure that someone else does not use your business name for their own business. You must bear in mind, however, that you will not be allowed to register a business name that conflicts with that of another company that is already registered and in existence.

A minimum of two directors and two shareholders

If you are starting your export business as a company (limited or unlimited) rather than a sole proprietorship or partnership, then you must have a minimum of two directors and two shareholders (maximum of 50) at every time. However, this requirement will not apply to you if you will be running your export business all alone (sole proprietorship) or would be involved with a business partner (partnership).

A registered office

As with other businesses, every export business in Nigeria must have a registered office, or at least an ‘office address’. So, the government is interested more in you having an address for your business than having an office structure. This explains why a home address would suffice if you are starting small. Whether it’s a ‘home’ or a real office, the most important thing is that it must have an address.

Registration with the NEXP

The Nigerian Customs Service rules that anyone willing to engage in export business must register with the Nigerian Export Promotion Council. This Council was created to enhance and encourage exportation of commodities other than oil with the ultimate aim of generating national revenue through alternative means. Registering with the Nigerian Export Promotion Council is now easier than ever. Just visit the Council’s website (www.nepc.gov.ng) and click the ‘Register here’ link on the right sidebar. You will be shown the full details of the procedure and requirements.

Registration of Form NXP

The Nigerian Customs Service also requires that Nigerian exporters complete and register Form NXP with authorized dealers (commercial or merchant banks) of their choice. Your chosen authorized dealer will be in charge of handling your funds and transactions, as you will be required to set up and maintain a Domiciliary Account with them, to which your payments will be deposited.

Special licenses and permits

As with any other business, starting an export business in Nigeria requires obtaining licenses and permits that indicate the government’s approval of your business. There are licenses and permits for doing business in Nigeria. And there are some specifically for operating an export business.

To figure out what licenses and permits you must obtain, you need to conduct extensive research or contact a seasoned business lawyer who has deep knowledge of the Nigerian business environment, more especially of the export business in Nigeria. Never downplay any license or permit that you are required to obtain. Failure to comply might cause you huge problems and losses in the future.

Licenses from target foreign country

Virtually all countries require that businesses planning to sell their product or commodities to their citizens must obtain certain licenses and certifications. So, you will need to find out more about the requirements for any country you want to sell your products in.

However, you must bear in mind that obtaining some of these licenses require inspection of the products you intend to sell in the target foreign country. And you will be granted permission to sell them only if they meet certain standards as set by the government of that country.

Additional documents:

Certificate of incorporation (for companies registered as corporations)

Tax certificates

Insurance covers

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