Business Opportunities in Nigeria and Across the World

INCO Terms are set of rules, published by the International Chamber of Commerce to govern trade worldwide. The full meaning of INCO Term is International Commercial Terms. Incoterms prevent confusion in foreign trade contracts by clarifying the obligations of buyers and sellers. Parties involved in domestic and international trade commonly use them as a kind of shorthand to help understand one another and the exact terms of their business arrangements. Some Incoterms apply to any means of transportation; others apply strictly to transportation across water.  The ICC developed Incoterms in 1936 and updates them periodically to conform to changing trade practices. Because of these updates, contracts should specify which version of Incoterms they use—e.g., Incoterms 2020 (the latest version). Trade terms used in different countries may appear identical on the surface, but they can have different meanings when used domestically. In last decades there has always been a revisi

Presently in Nigeria, business diversification is very important due to the way the economy is swaying. It is imperative to prepare for the best business opportunities in the year 2022, but some have not considered investing in agricultural/mineral commodity exportation business opportunity. Nigeria is blessed with a lot of agricultural/mineral commodities that is beneficial to the whole world and the beauty of it is, these commodities are cheaper to buy in Nigeria and resell at a higher price in other continent of the world. Many industries and end users are seriously in need of agricultural/mineral commodities from Nigeria. Are you searching for the best business opportunity for the year 2022? Commodity export business is one of the wisest decisions you can take in diversifying your investment. Also you can start agricultural commodities processing and packaging business. You can start with agricultural commodities like Dried Split Ginger processed into powder, Raw Shea But

Nigeria produces less than 30 per cent as Sudan produces about 70 per cent, leaving about 30 per cent for Nigeria and other gum Arabic producing countries of Mali, Senegal, Chad and Niger Republic. Gum Arabic  is natural product derived from hardened acacia tree sap, harvested in the Sahel region of Africa. Gum Arabic  is used primarily by the food industry. Given its many desirable properties, safety record and natural origin, Gum Arabic  is the most commercially valuable of what are known as exudate gums – those secreted by plants. Commercially,  Acacia senegal  and  Acacia seyal  are the two most important sources of acacia gum for Europe. The tree sources of acacia gum grow in the gum belt of Africa, which stretches from Senegal in the west to Somalia in the east. Acacia gum from  Acacia senegal  is a pale to orange-brown coloured solid, which breaks with a glassy fracture. For this reason it is also known as hard gum, whereas  Acacia seyal  is known as flaky gum.  It is

In a circular, the apex bank said EFI was part of government’s efforts to develop the non-oil sector of the economy and to increase foreign earnings and employment rate. “The Bankers’ Committee at its 343rd Meeting held on April 4, 2019 approved the commencement of the Export Facilitation Initiative (EFI) to complement government’s efforts to engender growth in the non-oil sector of the economy as well as enhance foreign earnings and employment generation,” the circular read. “Under the initiative, the focal commodities for value chain development would be cashew, cocoa, palm oil, sesame seed and shea. “The commodities are to be funded under the approved guidelines of AGSMEIS (Agricultural/Small and Medium Enterprises Investment Scheme), NESF (Non-Oil Export Stimulation Facility) and RSSF-DCRR (Real Sector Support Facility- Differentiated Cash Reserves Requirement)  in line with the approved limits in the Export Facilitation Initiative Funding Framework (EFIFF).

STEP1 Incorporation of the Business at the Corporate Affairs Commission (CAC) in accordance with the Companies and Allied Matters Act, 1990. STEP 2 Registration of the company with Nigerian Investment Promotion Commission for the granting of Business Permit. IPC also grants approvals for expatriate quota positions and incentives. a. Requirements for Business Permit  Purchase NIPC form I for N10,000.00. Completed form submitted with original receipt. Certificate of Incorporation. A minimum share capital holding in the joint venture. Details of share holding in the joint venture. Joint venture/partnership Agreement where applicable. Memorandum and Articles of Association. CAC’s Form CO2 and CO7 duly certified. Evidence of capital importation for wholly foreign companies. Approval from the appropriate professional bodies where applicable.   Expatriate Quota In addition to the requirements listed under Business Permit, the following additional requirements have

BACKGROUND INFORMATION Palm Oil is derived from the West African palm fruit, which was imported to Southeast Asia from Africa in the 19th century and continues to enjoy extensive production in Indonesia and Malaysia. Palm oil makes up nearly 50 percent of edible oils consumed worldwide. Apart from being a popular ingredient in African food (especially soups, stews and porridge), palm oil has one of the most versatile uses of any plant product . Nigeria is the fourth largest producer of palm oil in the world accounting for 3% of global production. The Nigerian Institute for Oil Palm Research (NIFOR) estimates that upstream palm oil production is 0.98 million tons. Palm oil is an edible vegetable that is used in food, toiletries, cosmetics, and cleaning products around the globe. WHY CHOOSE PALM OIL Although there are other alternatives, including rapeseed and sunflower oil, palm oil is preferred to a variety of other vegetable oils for the following reasons: 1.       Palm