How SMEs in Nigeria can overcome trade barriers with Export Portal

As Africa’s largest market, Nigeria has immensely benefited from international trade since the 1960s. Despite being the 49th biggest export economy in the world, there are still some threatening barriers to international trade in the country.

Before its independence, Britain was Nigeria’s leading trade partner, but after independence, the country diversified, and now trades with more than a hundred countries worldwide. 

In 2018, the top six countries that imported the most Nigerian shipments are India, Netherlands, Spain, France, South Africa, and the United States. That year, the total worth of products exported from the nation was US$52.9 billion. This figure asserts the fact that international trade is critical to the expansion of Nigeria’s economy. 

However, there is no doubt that the Nigerian Government’s effort to create an enabling environment for businesses in the country has been yielding good results. In 2017, the country reduced export documentation requirements from ten to seven, and recently, it moved up fifteen places on the 2020 ease of doing business index as one of the top 20 improvers in doing business.

Small and Medium-sized Enterprises (SMEs) contribute 48% of national GDP, account for 96% of businesses, and 84% of employment in Nigeria. However, despite this significant contribution, there are still challenges hindering growth, especially for companies to trade internationally.

Some of these barriers to trade are; 

• Ban on the importation of some goods 
• Delayed processing and multiple import/export documentation requirements
• High tariffs
• Lack of market access and credit facilities
• Inconsistent policies and poor infrastructure

At Export Portal, we are aware that Nigerians are highly entrepreneurial and creative people, working tirelessly to bring solutions, develop products, and trade with the world. 

As a comprehensive international trade hub for SMEs, Export Portal is determined to be the premier service and information provider for Nigeria SMEs interested in gaining traction in the global market.  

For instance, with Export Portal, Nigerian SMEs will be able to:

• Reach new clients and business partners across the world
• Have access to professional assistance
• Lower their financial risk when importing or exporting by using their escrow services
• Have access to a knowledge base on international trade

This information and resources are usually only available to larger companies, but with Export Portal, it is all made possible for you on one website. 

Do you want to know more reasons why you need Export Portal? Learn more.