. Website: ... Crocodile; Elephant, Lizard, Eagle, Monkey, Zebra, Lion etc.
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CBN's Policy on 41 Items Remains in Place and many more PG1-2
VOLUME 2 ISSUE 20
Handling the Export Boot Export Critical 5Ps of Camp and Business Export Business Import-Export Success-Part-5 Master Series on DVD Help Line. (The Payment) (Vol. I – III) PG 3
PG 3
PG 4
Export Trade Leads, Export Commodities Prices, Export Trade Terms PG 4
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he Nigeria Agricultural Quarantine Service said it has secured an order for 100 billion dollars' worth of pigeon pea from India.
Dr. Vincent Isegbe, the Coordinating Director, Nigeria Agricultural Quarantine Service, told News Agency of Nigeria (NAN) that we have just exposed our pigeon pea to the Indian market making the Government of India to place an export order for 100 billion dollars' worth of pigeon pea.
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he Central Bank of Nigeria (CBN) has been drawn to media reports to the effect that the CBN has reversed part of its policy on some import items ineligible for forex.
According to Isaac Okorafor (Ag. Director, Corporate Communications), in a press release said that the CBN has not reversed its policy on the 41 items ineligible for forex through the Nigerian forex market. The release further added that the reports appear to be a misinterpretation of CBN earlier circular titled: REVISED DOCUMENTATION REQUIREMENTS FOR ALLOCATION OF FOREIGN EXCHANGE FOR SMALL-SCALE IMPORTATION dated May 03, 2017, stating that this provision does not refer to the 41 Items that remain ineligible for FOREX sale in the Nigerian Forex Market. (Excerpt from www.cbn.gov.ng)
Isegbe said that the agency would continue to explore its mandate to fast track more commodities for export for foreign exchange earnings, while encouraging exporters to go to specialist areas to export, bearing in mind the processes and standards that must be met. In light of this, he called for the review of the agricultural export laws to ensure safety, enhance export and the mandate of the quarantine service. (Excerpt from www.dailytrust.com.ng)
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he Nigeria Customs Service (NCS) has announced that some goods are banned for exportation. Banned exported goods are prohibited by the government and any attempt to smuggle them across the border will be deemed illegal.
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oreign investors and exporters are warming to the foreign-exchange window that Nigeria opened last week to ease a severe shortage of dollars, according to the head of the trading platform overseeing it. According to Bola Onadele, the CEO of Lagos-based FMDQ OTC Securities Exchange, the naira's depreciation in the window to almost the same level as the black-market rate means the new market is already “nearing equilibrium.” “There's already been interest from portfolio investors because they can see that the new window will have buyers and sellers determining the rate.” The so-called Investors' and Exporters' FX Window, which started on April 24, is the central bank's latest attempt to lure back investors who fled in the past two years, exacerbating a crisis that caused Nigeria's economy to shrink in 2016 for the first time in a quarter century. To this end, banks are talking to portfolio investors and Volumes will build up, Onadele said.The idea is that by creating a market for some types of investment transactions, policy makers can satisfy calls to float the currency without risking an inflationary spiral that may come from a formal devaluation. (Excerpt from www.bloomberg.com)
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The ban on the items was put in place by the government in 2016, as part of yearly efforts to control import, but is still in place as no new one has been provided for 2017. According to Nigerian Customs, the policies are mainly to promote the local production and sustain the small scale industry for growth. The following items have been prohibited for exports by the Nigerian Customs Service; 1. Maize 2. Timber (rough or sawn) 3. Raw hides and skin (including Wet Blue and all unfinished leather) 4. Scrap Metals 5. Unprocessed rubber latex and rubber lumps 6. Artifacts and Antiquities 7. Wildlife animals classified as endangered species and their products e.g. Crocodile; Elephant, Lizard, Eagle, Monkey, Zebra, Lion etc. 8. All goods imported In January 2017, there were at least 25 items banned from being imported into Nigeria. The list, circulated by the Finance Ministry includes soaps, spaghetti and used fridges. (Excerpt from www.naij.com)
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Ivory Coast's Prime Minister AmadouGonCoulibaly says her economy is strong despite challenges including a slump in cocoa prices and social unrest. The government of the world's biggest cocoa producer cut this year's budget by a 10th to deal with lower-than-forecast income from the crop as a worldwide cocoa surplus has slashed the price by more than 40 percent in the past year. At the same time, a mutiny and a strike by civil servants forced the government to make unforeseen payouts this year. According to Him, Ivory Coast will process half of its cashew-nut output by 2020 as plans for cashew-processing companies is on-going. (Excerpt from www.bloomberg.com)
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airo proved to be fruitful ground for the 23 companies and farm groups who were part of a recent FAS-sponsored trade mission there.
As a result of three days of meetings with potential customers from Egypt, Algeria and Jordan, mission participants reported immediate, on-site sales of U.S. farm and food products totaling $6.3 million – with total projected sales of $13 million over the next 12 months. In addition to 278 one-on-one meetings between U.S. exporters and potential buyers, mission highlights included visits to Egypt's largest dairy farm, a large juice producer, a peanut processor and a soybean crushing facility. Participant feedback about the mission was overwhelmingly positive. As one delegate said, “This was a great mission and such missions have always been beneficial for small businesses to make new connections and increased sales.” (Excerpt from www.fas.usda.gov)
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eputy Agriculture Minister Evgeny Gromyko told reporters that Russia may lose its status of world leader in wheat exports due to the trade crisis with Turkey.
To him, we can lose this status to the second largest buyer of wheat (Turkey). But “the problem is not that we will not sell it to Turks, the problem is the time we lose when looking for new markets," the deputy minister said. If Russia fails to reach an agreement with Turkey, the volume intended for that country will be redirected to other markets, which will take time. Exporters are not complaining about prices, because prices all over the world noware unstable and the trend is mainly downwards. The ministry does not lower its target for grain exports set for this agricultural year - it remains on the level of the previous year (33.9 million tonnes), he added. (Excerpt from www.tass.com)
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OTHER HEADLINES Shippers' Council raises Export growth forecast to 3.5 per centwww.nationmultimedia.com
Stage set to Enhance Australia’s Animal Export trade– www.GlobalMeatNews.com
Live Export Global Trade Worth $18 Billion- www.maritime-executive.com Northwest Argentina to Export lemons to the United Stateswww.freshplaza.com
…..Cont'd from Last Issue
O
n the other hand, if the supplier have the goods but needs assurance of payment, a payment guarantee from the bank will ensure that he only gets paid after the goods have been delivered with the quality and quantity ascertained.
FEE:
N78,500
The last question which is also very important for an exporter is, how can an exporter mitigate the risk of non-payment? This is a major risk for all exporters around the world. The first mitigant that comes to mind is the use of letter of credit and confirmed letter of credit. However, where this is not possible, standby letter of credit and availization can help to secure payment under Open account and Bill for collection respectively. If these mitigants cannot be obtained, then a representative in form of an export agent or export management company at the destination country will be necessary to secure payment. The representative can follow up on payment, monitor delivery and inspection and source for another buyer if the initial one fails to pay. In conclusion, I will like to say that if anyone intending to go into export business can take time to research and get more information about the questions addressed in these series of articles, he would have successfully created a viable business plan that will make the export business a success. For questions on this thought, you can reach me via email to
[email protected]
Export Business Kit is a quick reference material for exporters and export financiers. It is a well-researched self-study material put together by a seasoned trained professional. It is a comprehensive guide to export business and export business financing and it covers different aspects of Non-Oil Export Business in Nigeria.
Export Business Kit Contains: 5. Transition From Local Production To Global Consumption 1. A-Z of Export Business Financing (Book) (1 Audio CD) 2. A-Z of Export Business Financing (2 Audio CDs) 6. ABC of Export (1 Audio CD) 3. A-Z of Export Business Success (1 Audio CD) 7. Retirement Planning From Employee To 4. Handling 5 P’s of Export Business Challenges (5 Entrepreneurship (2 Audio Cds) Audio CDs)
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TRADE LEADS 3T IMPEX TRADE ACADEMY
EXPORT ORDERS S/N PRODUCT 1. 2.
3. Title: Marketing& Pricing of Non-Oil Export(Vol. I) Fundamental of Export Business Practice (Vol. I) Author: Bamidele Ayemibo Duration: 68mins
SPECIFICATIONS
MINIMUM SHIPMENT
Zinc Ore Purity-35% 60 MT Per Month Charcoal request from Charcoal from Hardwood like Ayin, 60 MT Per Month Dubai Size-40-200mm, no sparkling wood and moisture -8% max Lead Ore Purity-50% 60 MT Per Month
LOCAL ORDERS S/N PRODUCT
SPECIFICATIONS / PAYMENT
MONTHLY VOLUME
1 2 3
Purity-35% | Bank Guarantee Purity-50% | Bank Guarantee Purity-30% | Bank Guarantee
120 MT Per Month 120 MT Per Month 120 MT Per Month
Zinc Ore Lead Ore Lead Oxide
COMMODITY PRICES (BLOOMBERG)
Title: Viable Export Contracts (Vol. II) A – Z of Solid Minerals Commodity Export in Nigeria(Vol. II) Author: Bamidele Ayemibo Duration: 91mins Price: N 5, 000:00
Title: Export Finance: Options, Checklists, Risks& Mitigants(Vol. III) A – Z of Agric Commodity Export in Nigeria(Vol. III) Author: Bamidele Ayemibo Duration: 87Mins Price: N5, 000:00
S/N COMMODITY
PRICES
UNIT OF MEASURMENT
1 2 3 4 5 6 7
USD 1,873.00 USD 140.65 USD 78.50 USD 1,903.00 USD 5,556.00 USD 2,548.00 USD 19,800.00
Metric Tonnes (Mt) Pounds (lb) Pounds (lb) Bushel (Bu) Metric Tonnes (Mt) Metric Tonnes (Mt) Metric Tonnes (Mt)
Cocoa Beans Coffee Cotton Aluminium Copper Zinc Tin
EXPORT TERMS USED IN INTERNATIONAL TRADE
