Great Insights For Export Financing In Nigeria

As an exporter, you need to have a sustainable structured export financing plan that will protect you throughout your export business transaction duration. In most cases, you might not be able to afford to wait until your buying partner receives the goods you’ve shipped before you receive payment. Hence, it is essential to utilize all appropriate finance options and the amount of funding required for the exportation of commodities depends majorly on your product and export destination(s).

You can find solutions to export financing in Nigeria by exploring the available government grants and loans, attempt accessing grants and from private partnerships and multilateral organizations, approach Nigerian financial Institutions NEXIM for their available financing packages or seek advice from already established exporter and seasoned bankers.

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Some Info For Export Financing In Nigeria By NEPC

• Working Capital: You need a specific amount of funds to execute your export business effectively. The money will be used directly for the purchase of raw materials, logistics, certification, and product testing, labor cost, product packaging and some overhead costs. The costs of these listed activities in total can be termed as your Working Cost.

• Marketing & Market Entry Costs: While putting together a budget for your export financing in Nigeria, you need to consider the total cost of marketing your exported commodities outside the shores of Nigeria. You should also consider these market entry costs:
  of market entry. Specific costs include:

  1. Recruiting competent employees for your export business.

  2. Inspection of your proposed new export market for broader insight.

  3. Product promotion cost for advertising and publicity.

• Export Payment Mode: In international trade, there are different payment methods available. Some major payment options are listed here:

  1. Documentary credit (e.g. Letter of Credit)

  2. Open account (e.g. advanced payment, cash against document, deferred payment)

  3. Documentary collections (e.g. Bills of collection)

Please consult a financial adviser for appropriate payment options, in order to ensure the repatriation of your export proceeds.

• Export funding Options: You can find funding options in the following avenue
  1. Loans (commercial banks/family and friends)
  2. Self-financing and Joint ventures.
  3. Support from financial institutions

Exhibition Affairs does not conduct any form of government registration.

For more export financing in Nigeria, available government incentives, approved government organizations and other related details, Please check out the NEPC export financing webpage.

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