When you export it is important to be aware of legal requirements of exports in Nigeria. This is to serve as a guide when planning for export as well as enhance smooth export transactions.
Five tips for exporters
- It is wise to engage an experienced trade lawyer or expert in complex situations
- Understand the market access conditions for your products
- Protect your intellectual property (IP) rights, if you have one
- Avoid trading on sanctioned / prohibited products
- Check out information on frauds, scams and corrupt practices regularly
An export contract is the agreement between an international buyer and seller.The exporter should be aware and attentive to details of the export contract documents agreed by both parties. International contracts can be complex. It is advised that you ask for advice on the legal implications by a professional.
Some important components of an international export contract include:
- Terms of trade (Incoterms, 2010)
- Mode of payment (e.g. letter of credit)
- Mode of delivery
- Trade enforcement organs
- Agreed dispute resolution mechanism (which laws apply in case of disputes)
- Presiding courts
Legal & governmental regulations
As an exporter, you should keep in mind some governmental regulations. The most important ones are:
- Export prohibition – exporters should be aware of the list of prohibited items for exports. Detailed information can be found on the customs information page.
- Export proceed repatriation – all proceeds from exports should be repatriated within the stipulated time. The Federal Ministry of Finance is monitoring this.
Intellectual Property (IP)
In some cases you might want to protect your intellectual property. International protection of your IP is extremely important in protecting you business overseas. For more information on IP you can check out the website of Nigerian Copyright Commission (NCC). This agency is in charge of IP.
Do you have any additional or specific questions with respect to legal issues in trade? Sometimes, NEPC will be able to assist. Find out how we can help you and contact us now!