EXPORT BUSINESS FOUNDATION — SETTING UP CORRECTLY

trading. Setting up correctly from the start saves you from problems that are very expensive to fix

later — rejected shipments, frozen payments, and regulatory penalties.

1.1 BUSINESS REGISTRATION

To export legally and professionally, your business must be formally registered. International buyers —

especially in Europe and the UAE — will ask for your company documents before placing any order.

CAC Registration

Register your business with the Corporate Affairs Commission. Business Name (sole proprietor) or

Ltd company. Ltd is preferred for export — more credibility with foreign buyers.

Tax Identification Number (TIN)

Obtain from FIRS — required for export documentation and receiving international payments.

NEPC Registration

Register with the Nigerian Export Promotion Council. Mandatory for exporters and gives you access

to export incentives, market intelligence, and buyer databases.

NXP (Nigerian Export Proceeds) Form

Required by CBN for all export transactions. Filed through your bank before shipment.

SON/NAFDAC

Required if exporting processed food, cosmetics, or regulated goods. Get applicable certification

for your product category.

1.2 BANK ACCOUNT SETUP FOR EXPORT

- Open a corporate bank account in your registered business name — not personal account

- Open a domiciliary account (USD and/or EUR) — this is where your export payments will be

  received (full guide in Module 8)

- Inform your bank that you will be conducting export transactions — they will assign you a trade

  finance officer

- File your NXP form through your bank before any shipment — this is a CBN requirement and

  protects you legally

1.3 YOUR EXPORT OPERATIONAL TEAM

Freight Forwarder

Books your cargo space, prepares shipping documents, coordinates port handling. Must have

Nigeria Export experience.

Clearing & Forwarding Agent

Handles Nigerian customs export clearance — pre-shipment inspection coordination, customs

declarations, exit documents.

Inspection Company (SGS/Intertek)

Inspects and certifies goods before shipment. Required by many buyers and some destination

countries.

Your Bank (Trade Finance Desk)

Processes LC, handles NXP form, receives and converts your foreign currency payments.

Legal Advisor (optional)

Reviews sales contracts for large or complex deals. Recommended for first-time LC transactions.

THE RULE:

Set up the structure before you pursue the buyers. A buyer in Germany who asks for your company

registration, bank details, and NEPC certificate needs those documents within 24 hours. If you

scramble to get them after the buyer asks, you look unprofessional and lose the deal.