rapidly, this is just why Nigerian importers are known to be Elites.
If you'd like to join the importation system of business in Nigeria, here are a few things to consider
1... Consider a Market research
For every start up business in Nigeria, the very first rule of engagement is study and subsequent planning. A market research is paramount to establishment so that you do not set off on the wrong foot. Perhaps you'd like to import detergents and cosmetics from South America or Asia, you'd need to find out from the existing Nigerian Market how many similar South American brands are in the market already and how are people responding to such products. This helps you to avoid importing a waste product as a beginner.
2... Check relevance of your desired items to the Market
That's right, it's very possible that you already have an idea of what you'd like to import as you're about going into importation without a market research. With this being the case, remember you aren't the customer. For you to able to identify with your customers and make good sales, you too must place yourself in a position or the stance of being a consumer in Nigeria. The easiest way to achieve this is by visiting the market, your intending market and ask a few questions based on the product or products in question. It could be a new type of Maggi, seasoning, body care or hair cream. Dealers or sellers you'll meet in the market would mostly ask for a sample so you should have some handy. If your samples do well to impress them, then it's definitely a good choice you're making.
3... Establish concrete buyers
Now we do not want a situation where we'd have import stuff or items worth big money when converted but stuck in our magazines, warehouse or shop because we do not have buyers. We want a situation where goods would quickly be sold when they come in, cash retrieved, capital reinvested and profit deducted as quick as possible. For this to be attained within the shortest time possible, you need to locate buyers first hand and then retailers (that's if you do not plan to own a store of your own). If you plan to retail your items, then you still need to establish good connections for quick business to be done.
4... Weigh relationship between capital and profit
The products in question might be lucrative overseas perhaps because it's rampant over there already or people have grown much liking for it in those contexts but then if it's a new product in Nigeria, its likely going to take a while before it becomes a household name in Nigeria and that is definitely going to require good advertising and financial back ups. You'd need to consider the marginal difference between capital investment and profit for the products and items in question, if the profit would not be enough to run the business and sustain the business, do not hope things would get better, your probability of going bankrupt no sooner than later is high unless you're very certain of other financial assistance to run your business profitless for a while until profits start coming in when you're finally set. Also, for the types of products that are already known in Nigeria and well bought, ensure that your buying source isn't on the high side, else you'd only be living from hand to mouth.
5... Are there possible problems to encounter?
Lastly, there are always problems with every business, there are real challenges to to face and it gets very much overwhelming and intimidating when you're not aware of these pending problems and as such you weren't prepared for them. From your research, find out what existing problems are associated with your intending line of importation business and how experts in Nigeria have been managing and overcoming them. It puts you in a better position to scale through even unknown problems that are still possibly yet to come.
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