Wednesday, December 27, 2017

Export Digest Newsletter - Trade Balance Surge in Rising Exports Q3 2017

Season's Greetings, 

Please find below Nigeria's Foremost Trade Newsletter - Export Digest
 
In This Week's Edition of Export Digest Newsletter - Trade Balance Surge in Rising Exports Q3 2017

To read the full details of this edition of Export DigestClick Here

To read the full details of this edition of Export DigestClick Here

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Tuesday, December 19, 2017

Export Digest Newsletter - NAFDAC Offer Exporters Free Use of Standardization Facilities

Dear Readers,

Please find below Nigeria's Foremost Trade Newsletter - Export Digest
 
In This Week's Edition of Export Digest Newsletter - NAFDAC Offer Exporters Free Use of Standardization Facilities

To read the full details of this edition of Export DigestClick Here
To read the full details of this edition of Export DigestClick Here

Tuesday, December 12, 2017

Executive Diploma In Export Trade Finance


Executive Diploma In Export Business Management


Export Digest Newsletter - AIES Approved 3T Impex as its Center for Trade Education in Nigeria

Dear Reader,

Please find below Nigeria's Foremost Trade Newsletter - Export Digest
 
In This Week's Edition of Export Digest Newsletter - AIES Approved 3T Impex as its Center for Trade Education in Nigeria.

To read the full details of this edition of Export DigestClick Here
To read the full details of this edition of Export DigestClick Here

Click Here To Download the App From Google Play Store.........3T Impex Mobile App ....... Learning Trade The Smart Way 

Thursday, December 7, 2017

Why Nigeria Must Grow Exportation To West African Markets


The West Africa sub-region is a huge market with huge potential for growth if it is well harnessed by the member states. The countries within the region came together in 1975 to form the union called The Economic Community of West African States (ECOWAS), a trading bloc with a single market which comprises of 15 countries which include Nigeria, Benin, Togo, Ghana, Liberia, Gambia, Niger, Burkina Faso, Cape Verde, Cote Devoir, Guinea, Guinea Bissau, Mali, Senegal, Sierra Leone.

The ECOWAS market remains an untapped potential that could lead to significant growth in non-oil export from Nigeria. With a population of about 350 million people and GDP of about $1.48trillion, this market remains the low hanging fruits to be fully explored in the quest for the growth of the non-oil export volume from Nigeria. The data obtained from the National Bureau of Statistics showed that the volume of export from Nigeria to West African countries has been on the decrease. In 2013 Nigeria goods worth N756.9 billion were exported to different countries in the region. This increased slightly to N824.7 billion in 2014 and it has consistently being on the decline since then with an export volume of N599.8 billion in 2015 and N576.6 billion in 2016.

The potential of export from Nigeria into the ECOWAS region can be seen in the items of import into the region from Asia, America and Europe. The top ten products being imported into the region from different parts of the world include Fuels which represent 24% of total imports. They are followed by motor vehicles, tractors, cycles and other vehicles (2nd place), machinery , mechanical appliances and boilers (3rd), machinery and electrical appliances (4th), cereals (5th), plastics (6th), works in iron, iron and steel (7th), iron, cast iron, steel (8th), pharmaceuticals (9th) and fish and seafood (10th).

The ECOWAS also presents a great potential for Non-Oil Export growth to Nigeria particularly in Agricultural products because of the similar lifestyle and culture of the people in the region and hence, the propensity to feed on the same types of food items. This means both raw and processed Agricultural products from Nigeria have a great chance of success in the ECOWAS markets. In addition to this, the doors to the other African markets will largely remain close until Nigeria conquer the West African markets. This is because, whatever strategy is deployed to penetrate ECOWAS market is the same with what needs to be done in order to penetrate other African market. Therefore, until such strategy that works in the West African markets is put in place, we will not have a model to replicate in other African countries.

The products to be targeted in any strategic plan being developed to grow export into the West African markets should be based on internal exports and external exports. Internal exports are the items currently been shipped (both formally and informally) by Nigerians into the region and these include Detergents, Pharmaceutical, Slippers, Cosmetics, Plastic products, Biscuits. Cigarettes, Malts, Fruits Juice, Antiseptics, Toothpaste, CO2 Gas, Confectionery, Dairy products, Bar Soap, Paints, Corrugated Roofing Sheet, Glass Louvres, Cements, Furniture, Noodles, Cooking Gas, Lubes products, Maggi Seasoning, Salts, Liquid Soaps, Chin-Chin, Diapers, Shopping Bags, Insecticides and Carpet. The External exports are the products being shipped into the region by countries outside the ECOWAS (like the rest of Africa and other continents of the world). Out of these products, the ones that Nigerians can easily produce and ship into ECOWAS include: Agricultural products like Cereals, Snacks, Plastic products, Pharmaceutical products, Fish and Sea foods.

The points highlighted above showed that the path of least resistance (with low hanging fruits to explore) to growing our non-oil export trade as a nation is to begin massive exportation of Nigerian products to the ECOWAS member state. This is because the transit time is shorter and hence shorter trade cycle. Also, the culture and types of goods are similar and so we can export our foods to them. In addition to this, they are less developed than us therefore, their standards are not too high for us to meet like that of the developed world. Lastly, the ECOWAS Trade Liberalisation Scheme (ETLS) makes it easier for them to buy products from us than from a third party because of zero duty payment for Importers that import from member states.

In conclusion, it is very important to note that conquering West African markets will mean conquering the other export markets in the African continent. Therefore, any strategy that is developed and deployed now that works and thus leading to tremendous growth in our exportation to West Africa, is the same strategy (or probably with a slight modification) that we will need to grow the export of Nigerian products to the rest of Africa.

Bamidele Ayemibo
bayemibo@3timpex.com

Wednesday, December 6, 2017

AIES Approved 3T Impex as Its Center for Trade Education in Nigeria


The American Institute of Extended Studies (AIES) has Approved 3T Impex Trade Academy as its Center for Trade Education in Nigeria and is expected to run the following education programmes: Executive Diploma in Export Business Management and Executive Diploma in Export Trade Finance.

Having demonstrated compliance with AIES approval criteria, the a center has been approved to commence operation  from December, 1 2017 and provide educational programme within the approved scope in Nigeria. 

In the certificate of approval issued to 3T Impex, AIES confirmed that 3T Impex has demonstrated it competence to provide education programme relating to international trade and finance in Nigeria.

The Lead Consultant at 3T Impex, Mr Bamidele Ayemibo in his remark stated that, this center for trade education, is first of its kind in Africa and also reiterated that this is very much in line with the vision of the academy which is the promotion of international trade education in Africa.

These Executive Diploma programmes in international trade have been designed as professional qualification to recognize the competence of international trade and finance practitioners. It also enables student to demonstrate practical knowledge and understanding of complex issues relating to international trade  product. 

It is ideal for people who are new to export business as well as experienced staff of companies already involved in international trade. it is also targeted at staff of  banks in units like trade operations, trade finance, risk management and relationship managers.

The basic objective of this course is to provide the country and by extension the African continent with a steady stream of competent men and women with necessary knowledge, skills and foundation for acquiring a wide range of rewarding career in a rapidly expanding world of import-export management.

It is also designed to provide all the knowledge and tools necessary to manage all the technical aspect relating to foreign trade businesses, operations and financing.

Monday, December 4, 2017

Export Digest Newsletter- Concerns at the Port Over The Ease of Doing Business Initiative

Good day,

Please find below Nigeria's Foremost Trade Newsletter - Export Digest
In This Week's Edition of Export Digest Newsletter - Customs and Terminal Operators Frustrating The Ease of Doing Business Initiative

To read the full details of this edition of Export DigestClick Here

Thursday, November 30, 2017

Customs and Terminal Operators Frustrating The Ease of Doing Business Initiative

One of the Participant at the stakeholder meeting of the port operation, with respect to Ease of Doing Business Initiative of the Federal Government have raised some concerns over how Nigeria Custom Service (NCS) and terminal operators are frustrating this great initiative of the government. 

He alleged that the NCS after disputing their own Pre-Arrival Assessment Report (PAAR), they raise a Debit Note (DN) with penalty of 25% of the debit note sum on the importer, which put a lot of financial burden on the importer. He requested that NCS should clarify this issue and also plead with the committee on the Ease of Doing Business to come to their rescue at the Apapa Port. It was also allege that it takes the NCS about 3-5 working days to raise a DN and will like to know the reason for this delay. 

He went ahead to complain that the terminal operators do not refund the un-utilized days paid upfront for storage charge. For instance, importer pay the terminal operation a storage charge for 7 days and get the goods cleared and moved out of the terminal in 4 days, the remaining un-utilized 3 days is never refunded. This he regards as extortion and should be stopped.

He also went ahead to state that terminal operators charge importers for all the days they were unable to position container for NCS examination. This again is another strategic extortion because the importer is paying for the inefficiencies of the terminal operator, he said. 

He finally stated that goods released by NCS and cleared from the port facing multiple blocks and check points in transit to importer's storage especially between Port Harcourt and Aba, Port Harcourt to Onitsha and Port Harcourt to Warri. All these are a gamut of issues that totally negate the spirit of Ease of Doing Business of the government and stakeholders are requesting that the Presidential Enabling Business Environment  Committee (PEBEC), should look into this in order the make port operations change for the better for both importers and exporters in Nigeria.

Wednesday, November 29, 2017

Wood Export: The Federal Government Finally Has Defined The Term "Processed Wood"



The federal government has finally cleared the air on the controversial issue regarding export prohibition on the website of the Nigeria Customs Service (NCS). This was made know to the public the representative of the (NCS) at an interactive session on non-oil export organized by the NEXIM Bank in conjunction with the Lagos Chamber of Commerce and Industry (LCCI).

The NCS has for a long time stipulated on its website that one of the items prohibited for export in Nigeria is Timber (rough or sawn). This has become very controversial because the term "processed wood" was not clearly defined. This has made many banks to reject the request to process pre-export documentation for wood. The wood exporters also face a challenge with the customs because they choose not to use NXPs for their shipment since the bank failed to process the document.

The representative of the NCS stated that the Honourable Minister in charge of the federal ministry of environment now issues an approval called "letter of support" that defines the specification/ dimension of processed wood and therefore enables the NCS to allow the products to be cleared for exportation of out of Nigeria. He went ahead to display the approval which states that:
1. The permit allowed the exportation of 15,000 CBM of processed wood
2. The specification of a processed wood include:
     A. Length- 280mm to 3,600mm
     B. Width- 35mm to 350mm
     C. Thickness- 6mm to 150mm
3. The approval is valid for a period of 12months and the product must undergo full machine process
4. The product shall be inspected by the wood inspectorate unit of the department of pre-shipment inspection in the ministry
5. The records of export are to be made available to the of the ministry at the port

This should finally laid to rest the concerns of the commercial banks in Nigeria on the issue of processing NXP for processed or semi-processed wood. The bank can also go ahead to ask the exporter to provide this approval as part of the pre-export documentations.
A copy of the approval from the federal ministry of environment has been attached below for the review of our esteemed readers.

Tuesday, November 28, 2017

Export Digest : NEPC Commences The Implementation of Revised Export Expansion Grant (EEG)

Dear Readers,

Please find below Nigeria's Foremost Trade Newsletter - Export Digest
 
In This Week's Edition of Export Digest Newsletter - NEPC Commences The Implementation of Revised Export Expansion Grant (EEG)

To read the full details of this edition of Export DigestClick Here

To read the full details of this edition of Export DigestClick Here

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