On 26th of October 2023, The American Institute of Economic Research’s Bastiat Society of Nigeria in collaboration with the Ominira Initiative for Economic Advancement organized a forum titled ‘Understanding Export Business in Nigeria’.
The event which was held at the Initiative for Information, Arts and Culture Development in Nigeria, Ibadan had Mr. Adesina Olukotun who spoke comprehensively about export business, its benefits which are; to gain global market sales, to increase sales and profit levels, and so on, and the products that can be exported from Nigeria, for example; agricultural commodities, garment & textiles, solid mineral, and so on. He also explained the guidelines for formal export trade and the factors to consider before venturing into the export business. The factors are Production resources, Financial resources, Human resources, and Marketing resources.
It was an explanatory and interactive session, the audience asked questions about the steps to take when starting an export business in Nigeria. According to the speaker, Mr. Adesina, the steps to take are:
- Development of a business plan
- Registration as an exporter with The NEPC
Mr Lanre-Peter Elufisan, the Executive Director of Ominira Initiative also gave a contribution on the challenges exporters face and how they can be solved legally with ease as long as your goods are legal.
The event had twenty-five (25) participants who were primarily entrepreneurs, civil servants and young individuals interested in starting their own export business. This dialogue event aimed to help young and aspiring entrepreneurs understand what export business is by introducing them into its world and letting them know everything they need to know about it before diving into it.
The Bastiat Society of Nigeria and Ominira Initiative strongly believe that the more lenient the rules are, the less costly it is to export goods out of Nigeria, the easier it will be on exporters and this will alleviate the fear in aspiring entrepreneurs and make it easy for them to start.