Imports from Nigeria offer an excellent opportunity for international traders for 2021 and beyond, with the UK market still relatively untapped. The trade growth for 2019 was 15.49% compared to a world growth of 3.50% and the value of merchandise exports from Nigeria totaled $53 billion in 2019. This could offer some excellent deals if you can get your negotiation skills up to scratch.
If you’re looking for some ideas to import from Nigeria and sell here’s our 6 hottest ideas for 2021:
Import Locally Made Weaves From Nigeria
According to some estimates, Africa’s dry hair market, this being the market for weaves, wigs and hair extensions, is right now worth over $6 billion a year and growing. Western countries, particularly the US and UK are in high demand of weaves and will pay top dollar for real human hair.
Import Textiles and Garments
This industry already generates nearly $32 billion in export revenue from Nigeria. Nigeria’s textiles can enjoy duty free passage into United States where it has the largest market in the world because of the unique designs, ethnic African designs and excellent quality.
Import Cosmetics and Soaps
Nigeria is growing in this industry but it’s still a market in its infancy. Soaps and other toiletries and laundries are already being exported but waiting for further investment. Nigerian cosmetics can be exported to other African countries where they are badly needed. Neighboring countries travel thousands of kilometers to buy in large quantities to sell in their countries for solid profits.
Import Ginger, Garlic and Nuts
Nigerian exports of nut related produce including oil seed, oleagic fruits, grain, seed, fruits to China alone was more than $15 million in 2019. Ginger is one of the most traded spices in the world and Nigeria has an abundance. Starting a Trans-Sahara or Trans-Atlantic trade with these products will be profitable. Garlic is also on top of the list that are very exportable from Nigeria.
Import Palm Kernel Oil
Palm Kernel oil is the oil extracted from the pulp of the palm fruit which is different from palm oil. Palm Kernel Oil is used for the manufacturing of various cosmetics, pharmaceutical products and confectioneries. The uses of this oil is broad and the mineral contents are rich in protein.
Import Cocoa From Nigeria
This is the source of most chocolates. The fruits of Cocoa is used for the production of various skin care products, health products, and pharmaceutical products. Demand for Cocoa is very high in both America and UK and cocoa farming is abundant in Nigeria.
4 Steps To Success
If you’re now thinking to get involved in the import export world, I highly recommend it! Here’s a personal testimonial of my experience, working 35+ years in import export. I’ve met some many great people, enjoyed my travels around the world and the satisfaction of negotiating deals and moving products around the world has been fantastic.
If the ideas above have inspired you, I recommend you take the next three steps.
Step 1: Sourcing Your Products
Once you’ve decided on some products, you’ll have to source where to buy them. Finding sellers of your products is also half the fun. If you’re in a position to travel and explore, do it! It’s a great opportunity to expand your horizons. Not so easy in these times of a global pandemic but eventually we’ll be able to travel again.
If you can’t travel, there’s always Google, AliBaba and AliExpress. This can be a great place to start. For more ideas and an much more in-depth look into sourcing products, check out our blog in sourcing products internationally.
Step 2: Finding Buyers
Perhaps the biggest question is inevitably, how do I find buyers for my products?
This is without doubt the most common question that I’m asked. Well, the good news is, there’s more than one way to do this. The bad news is, there’s no “easy” way. It’s all going to take some hard work and perseverance but it can most certainly be done and some good profits are no doubt waiting for you.
For my biggest hints and tips after a lifetime in commercial buying and selling check out our blog post on finding buyers.
Step 3: Understand the Basics
You’re going to need to understand at a minimum, the basics of import and export. Don’t jump in and start buying products, hoping to sell them by crossing your fingers. You’ll lose money, time and cause yourself a lot of stress.
To start, have a read of our blog post, How To Start an Import Export Business. It’s only the bare minimum but it will give you an idea of what you need to start thinking about and you’ll pick up some handy tips that I learned over the year.
Step 4: Import Export Training Courses Online
If you’re still sold on the idea of international trade, I can only advise you to educate yourself. It’s going to save you a lot of pain! Our online import export courses are taught with a series of pre-recorded videos so you can start any time, study at your own pace and there’s no deadline to complete.
Our courses teach you the practical knowledge you’ll need to know to trade successfully, confidently whilst maximising your profits. Taught by Alan Bracken, with 35+ years of commercial experience in logistics, he skips all the theory you’ll never need to know but teaches you the practical side of how to move your goods around the world.
We were voted Best Trade Education Provider in 2017 by Trade Finance Global and our course has been validated by the London Institute of Shipping and Transport.
Check out our reviews on TrustPilot to see just how our courses have benefited our students.