Prior to export, it is important to understand the legal instruments regulating non-oil exports in Nigeria and that of the importing country.
Tips for exporters
- It is advisable to engage an experienced trade lawyer or expert
- Research and understand the terms and conditions regulating the market access for your products.
- Protect your intellectual property (IP) rights, if you have one
- Avoid trading on prohibited products
- Comply with both local and foreign regulatory requirements
- Check out information on frauds, scams and corrupt practices regularly
An export contract is the agreement between an international buyer and seller. An exporter should pay attention to details of the export contract agreed upon by parties. International contracts can be complex. It is therefore recommended that you seek appropriate advice from a Professional.
Important components of an international export contract include:
- Terms of trade (Incoterms, 2020)
- Mode of payment (e.g. letter of credit)
- Mode of delivery (Incoterms 2020)
- Trade enforcement organs –
- Dispute Resolution Mechanism (which law apply in case of disputes)
Legal & Governmental Regulations
As an exporter, you should be familiar with government policies and regulations. Some of these 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 export transactions should be repatriated within the stipulated time.
Intellectual Property (IP)
The Intellectual Property Right of an exporter should be registered and protected at all times. It enhances a company’s value, it creates greater export opportunities and gives you a competitive edge over similar businesses. For more information on IP you can check out the website of Nigerian Copyright Commission (NCC)
Do you have further questions with respect to legal issues in trade? Sometimes, NEPC will be always be of assistance to assist. Find out how we can help you and contact us now!