It is glaring that many exporters have been defrauded in the process of exporting goods to other countries owing to the fact that they do not have adequate training on export operations, export management, export documentations and methods of payment is export business. The link below is a compilation on all the steps exporters should follow from the point of packaging the goods they intend to export to the point of payment. To read it, click:
http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

I wish to inform the public that "kingsmen.me" is a big scam. Please you all should be careful not to fall into it's trap. I already have some people that donated for 3 days now and are yet to be paired to also get help. Do not say that I did not tell you.

Talkthetalk:
I wish to inform the public that "kingsmen.me" is a big scam. Please you all should be careful not to fall into it's trap. I already have some people that donated for 3 days now and are yet to be paired to also get help. Do not say that I did not tell you.

Why did you post this rubbish on this thread?

Folks, have you thought about building your capacity on export trade?

`

OGUAF:
Boss I hail..illreally need you to help me find buyers for my bitter kola..I have it in large stock. we can share the profit. thanks

How many tonnes do you have?

FINANCING AGRICULTURE AND NON-OIL EXPORTS
The Bankers Committee’s decision that all deposit money banks (DMBs) in the country should, every year, set aside and pool together five (5%) per cent of their Profit After Tax (PAT) for financing agriculture and non-oil exports is a very commendable one. The plan is to support agricultural and import substitution policies of the government as well as the drive towards diversification of the economy.

According to reports, the banks would use the pooled funds to be kept in the Central Bank, controlled and administered by the Bankers Committee, to make equity investments and not loans in companies that operate in the agricultural and non-oil export sectors. Banks would, therefore, not charge the companies interest but would be rewarded by sharing out of the dividends declared by the companies. A maximum period of 10 years was agreed for banks to exit from companies they financed. The Bankers Committee would set up a Project Review Committee that would, among other things, assess applications from companies desiring to benefit from the scheme, make recommendations to a Board of Trustees of the Bankers Committee. The scheme would commence in 2017 using funds, estimated at N25 billion, from banks’ 2016 financial statements.

The scheme promises filling the huge financing gaps that exist in the target sectors of the economy, significant reduction in cost of funds for the beneficiary companies, improvement in the country’s productive and export capacities, employment creation, poverty reduction, enhanced foreign exchange earnings and foreign reserve. Overall, the scheme promises to impact positively on the economy and hence the economic and social well-being of the citizens. These benefits however, can only be expected if the recipient companies would be efficiently and effectively managed.

But it is good to remind Nigerians that the country has travelled the route the Bankers Committee plans to take it through again some 17 years ago, without any concrete and sustained benefits there-from. Given that there is not much conceptual difference between what the Bankers Committee was reported to have agreed to do and what it did in the past, stakeholders must feel concerned regarding the recent initiative.

In 1999, the same Bankers Committee agreed to finance Small and Medium Industries (SMIs) under a scheme it christened Small and Medium Industries Equity Investment Fund (SMIEIS). The scheme took off in 2001 with banks setting aside 10 per cent of their Profit Before Tax (PBT) for equity investment in small and medium industries. The objective was to assist in “stimulating economic growth, developing local technology and generating employment.” The investment focus was the real sector with emphasis on “agro-allied, information technology and telecommunications, manufacturing, educational establishments, services, tourism and leisure, solid minerals, construction and others that the Bankers Committee might determine from time to time.” While the banks were to independently find businesses to invest in, they had a minimum of three (3) years to exit from businesses they supported.

In the first three years (2001-2003) of operating SMIEIS, it was reported by Central Bank that N19.7 billion had been set aside by banks with only N7.1 billion (36.04 %) invested in 137 projects. By 2008 accumulated funds reached N42.02 billion of which N28.20 billion (67.1%) was invested in 336 projects. The unutilised balance of N13.82 billion or 32.9% was in 2009 transferred, according to CBN, as seed money for setting up a “Micro-Credit Fund” (MCF) initiative. Unfortunately, till date, the fate of MCF remains unknown but SMIEIS has become history.

For the eight ( years (2001 to 2008) that SMIEIS was operated, the amount provided by banks for investment was never fully utilised, meaning that either the companies had enough money to undertake their operations or the Funds’ conditions were not attractive to them. CBN identified the challenges faced by the scheme as: low awareness of the scheme by SMIs, unwillingness of many SMI proprietors to dilute ownership and partner with others and general harsh investment environment. Added to these should be the yet to be verified claims that some of the banks attempted or wanted to corner for themselves some of the businesses they invested into under the scheme.

In floating SMIEIS, the Bankers Committee did robust arrangements to ensure its success. Beyond defining the projects that would qualify for the funding, it even, produced a compilation of moribund companies that could be revived via SMIEIS; provided the operational and supervision modalities; assigned responsibilities to various stakeholders (e.g. CBN, SEC, Government, Banks, Independent Fund Managers, Promoters/Proprietors of SMIs and itself); provided for what the Funds would be used for and how to treat any unutilised portion. It established two venture capital companies, an Advisory Committee and also engaged in some public enlightenment and sensitisation programmes. Going by public records, it can be claimed that the Bankers Committee planned for the success of SMIEIS.

But what did Nigeria get in spite of all that? To a majority of stakeholders, obviously including the Bankers Committee, the SMIEIS scheme failed to achieve its objectives. Even, no one can point to any of the 336 beneficiary projects that still stand. Therefore, the questions for the Bankers Committee, in its attempt to establish the latest bank equity participation in companies are: what has happened to SMIEIS’ unutilised N13.82 billion transferred to MCF; and has the Bankers Committee taken stock of what befell SMIEIS and provided practical and realistic mitigating strategies to ensure success and sustainability of the new scheme? If it has not, it is advisable that it conducts a thorough study to determine the immediate and remote causes for the truncation and/or failure of the earlier scheme and to develop appropriate solutions. Anything short of these, a guarantee of success will be very remote.

Source: http://www.tectono-business.com/2017/03/financing-agriculture-and-non-oil.html

GOVERNMENT’S PLAN TO STOP EXPORTATION OF UNPROCESSED MINERALS
Minister of Mines and Steel Development, Kayode Fayemi’s disclosure that the Federal Government is making moves to stop exportation of unprocessed minerals out of the country will be more meaningful if the plan is all- encompassing. Against all economic and common sense, all of Nigeria’s crude oil is being exported in unprocessed form! And that is where all attempts to add value and make more money for Nigeria should start from.

The minister made the disclosure in Lagos during a Town Hall meeting with stakeholders in the mining sector. The meeting was attended by representatives of local and international mining outfits, officials of federal, state and local governments, financial institutions, manufacturing companies, professional bodies, community organisations, security agencies and civil society. The minister noted that government was aware of the activities of some foreign nationals who export unprocessed minerals through illegal routes, thereby denying the country accruable revenue.

He stressed that unauthorised export of minerals is injurious to the economic plan of the government and reiterated his ministry’s effort to woo operators to set up plants in Nigeria where they could process the minerals before exportation of the finished products.

In a related development during a meeting with members of the Association of Miners and Producers of Barite (AMAPOB) in Benue State, the minister said the Federal Government was considering injection of funds and creation of good market environment to boost mining activities in the country. He announced government’s plan to give tax holidays to miners in an attempt to explore the full potentials of seven minerals out of the 40 known minerals in the country. These minerals include limestone, barite, iron, bitumen, lead and zinc.

The minister regretted that whereas the commercial value of Nigeria’s solid minerals runs into hundreds of trillions of dollars, currently, Nigeria earns a paltry $89 million per annum. While the ideas being pushed by the minister are worthwhile, nothing can be achieved except those ideas are put to concrete use. There have been lots of talks in the solid mineral sector without action, which explains why revenue from the sector is minuscule. Whatever needs to be done should be followed up with action. As a richly endowed mineral producing nation, government has a role to play in formulating a comprehensive framework to make the country reap huge benefits from her natural resources.

Unfortunately, rather than be a blessing, the minerals have become a curse. Part of the problem is failure of the country to have an enduring strategy for exploitation. Something like granting tax holidays ought to be a policy already. But the minister’s submission gives the impression that such an idea is still in the making. Under its mineral strategy, for instance, the United States offers a number of important minerals like gold, coal, clay, copper, and so on. But instead of exporting the mineral, the U.S. imports most of the minerals she needs because of the low supply and high demand.

The over 78 major minerals that the U.S. produces absorb nearly 270, 000 people in direct employment. The industries that support mining account for about three million additional jobs. The situation is different in China, which has huge deposits of coal, iron, copper, aluminum, and others. China exports her minerals to Europe, the United States and some other countries and rarely imports.

South Africa’s economy is largely built on gold and diamond mining. The mining sector is an important foreign exchange earner. In 2009, the country’s diamond industry was the fourth largest in the world. South Africa also produces coal, manganese and chrome. The country also produces energy mineral, non-ferrous metals and minerals, ferrous minerals and industrial minerals.

The Nigerian government should come up with a medium to long-term strategic plan on the mining and export of minerals in the country. But the objective cannot be achieved without a time-line within which the operators are expected to set up structures for processing the minerals. Having said that, the onus is on the ministry to come up with the needed strategy and the minerals in question should be spelt out. Nigerian minerals include coal, lignite and coke, gold, columbite, bitumen, iron ore and uranium, among others.

It may be easy to announce the ban on the export of unprocessed minerals but not easy to enforce. One way to effect change is to hand over the minerals to their owners. Let the states and local governments own the minerals in their domain. The constitutional provision that vests ownership of all minerals in the Federal Government is antithetical to federalism and even productivity. The federating units should own what belong to them and pay appropriate taxes to the Federal Government.

Amid the biting recession, government ought to develop an economic recovery plan that includes the exploitation of the minerals. That solid minerals account for only 0.3 per cent of the country’s GDP is a shame. Prior to the discovery of oil in 1956, Nigeria was a major producer of tin, columbite and coal. The time has come to open the industry further to private investors.

Source: http://www.tectono-business.com/2017/04/governments-plan-to-stop-exportation-of.html

OGUAF:
Boss I hail..illreally need you to help me find buyers for my bitter kola..I have it in large stock. we can share the profit. thanks

Yes, we, at Tectono Business Review, can get you buyers but we have to sign an agreement on how the profit will be shared.

Where are the budding exporters in Nigeria? It is high time you build your capacity on export business in order to avoid being defrauded by the foreign buyer of your products.

OGUAF:
Boss I hail..illreally need you to help me find buyers for my bitter kola..I have it in large stock. we can share the profit. thanks

Hello. Do you farm bitter kola or you just buy and sell?

CONTEMPORARY STEP-BY-STEP GUIDE TO NON-OIL EXPORT BUSINESS
It is glaring that many exporters have been defrauded in the process of exporting goods to other countries owing to the fact that they do not have adequate training on export operations, export management, export documentations and methods of payment is export business. The link below is a compilation on all the steps exporters should follow from the point of packaging the goods they intend to export to the point of payment. To read it, click:
http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

BONIFACE ANIEBOLAM READS RIOT ACT TO FELLOW FREIGHT FORWARDERS OVER IMPROPER DOCUMENTATION FOR IMPORTS, EXPORTS
Freight Forward practitioners across the country have been urged to comply with the requirements for proper documentation and description of imports and exports in line with Customs operations.The Nigerian Customs Service has issued a review of guidelines on import and export procedures expected to become effective from July 11th.

The Founder, National Association of Government Approved Freight Forwarders (NAGAFF), Boniface Aniebonam, who sounded the note of warning to members that in law, wrong description of imports for Customs declaration is in breach of Section 46, 47, and 161 of the Customs and Excise Management 2004 as amended.

The inherent penalty provided in the legislation included but not limited to seizure of goods and prosecution of offenders in a law court and five years imprisonment without an option of fine.

Aniebonam in a statement said it is legitimate and lawful that under destination inspection, the declarant is at liberty to make genuine declaration for Customs purposes, irrespective of the material content of the Pre-Arrival Assessment Report as may have been uploaded to the PAAR Unit of the Customs by the consignees.

He said, “The point herein contained is to advise practitioners to ask questions with a view to obtaining the actual content of laden containers from the importers/exporters before making declaration in the single entry document of the Customs.

“In some of our interaction with the Customs administration, we discovered that the service is highly disturbed at the moment over the non-compliant attitude of practitioners. Aside from the inherent revenue risks and delays associated with clearing goods out of Customs control, the Comptroller General of Customs is not happy that practitioners are messing up Customs systems reliability and integrity”.

“It is therefore very necessary that we must build up integrity in our operations and conduct as professionals. This development as it were, if
not stopped, is a breach of the new order of encouraging ease of doing business in the Customs ports and border locations.”

Source: http://www.tectono-business.com/2017/06/boniface-aniebolam-reads-riot-act-to.html

NNPC DISCLOSES THAT NIGERIA EARNS $2.5BN FROM EXPORTATION OF OIL AND GAS
Nigeria’s total crude oil and gas export receipt from March 2016 to March 2017 stood at $2.50 billion, according to the Nigerian National Petroleum Corporation (NNPC).

NNPC, which made this disclosure in its latest financial report released at the weekend, said the sum of $2.29 billion was transferred to Joint Venture (JV) Cash Call in line with the 2016 Approved Budget and pending 2017 budget approval.

It noted that its share of the JV cash call (JVCC) based on equity holding fell short of the 2016 appropriated amount of $8.64 billion, due to a twin effect of production disruption in Niger-Delta and low crude oil prices during the year.

NNPC explained: “A total export sale of $361.95 million was recorded in March 2017. This is $98.84 million higher than the preceding month’s performance. Crude oil export sales contributed $255.50 million of the dollar transactions compared with $157.65 million contribution in the previous month.”

The Corporation disclosed that a total value of ₦206.42 billion was collected as sales revenue for white products sold by PPMC in March 2017, compared with ₦179.81billion collected a month earlier.

It put the total revenues generated from the sale of white products for the period March 2016 to March 2017 at ₦1,611.09 billion where Premium Motor Spirit (PMS) contributed about 85.11 per cent of the revenues collected with a value of ₦1.371.14 billion.

NNPC said that the domestic crude oil and gas receipt during the month amounted to N134.96 billion, consisting of N2.28 billion from domestic gas, N0.18 billion from other miscellaneous receipt and the sum of N132.50 billion from domestic crude oil.

Out of the Naira receipt, NNPC added that the sum of N46.46 billion was transferred to JVCC being a first line charge, and to guarantee continuous flow of revenue stream to the Federation Account.

NNPC transferred the sum of N88.49 billion (including N2.46 billion from Gas receipts) into the Federation Account during the month under review from the net domestic crude oil receipt of N132.50 billion, while the balance of N46.46 billion was used to fund the JV cash call account as cost of production.

Also, the final 32nd instalment of the refund to FG of N6.33 billion was transferred. During the one year period, the Federation Account, JVCC, and the Federal Government received the sum of N772.52 billion, N512.09 billion and N82.30 billion respectively.

It revealed that trading deficit, which has characterised the Corporation’s operations for some time, as a result of massive disruption and sabotage of its facilities, recorded a huge drop from N14.12 billion in February to just about N5.62 billion.

The improvement was attributed to the increase in the Nigerian Petroleum Development Company (NPDC) crude oil exports revenue by 86 per cent. NPDC is the upstream (exploration and production) arm of the NNPC.

Out of a total cumulative production of 15.7 million barrels from its 10 production fields year-year to, NPDC’s monthly average daily production for March stood at about 39.786 barrels.
Source: http://www.tectono-business.com/2017/06/nnpc-discloses-that-nigeria-earns-25bn.html

Exporters, keep yourself abreast of the contemporary dynamics of export to avoid any pitfall.

Exporters, keep yourself abreast of the contemporary dynamics of export to avoid being defrauded by foreign buyers of your exportable products.

Very nice post. more power to ur elbow.... Amen.

joy2000:
Very nice post. more power to ur elbow.... Amen.

My sister, may God bless you. I guess you are an exporter.

Folks, do you know that exporting your products to foreign countries boosts your brand?

This is a truism. There are many export training centres in Nigeria but just few of them know their onions.

i'm an aspiring exporter but dont know where to start from

Thinking if you can create an export group on whatsapp for we aspiring exporter will be okay.
here is my number 07033818556

y4code:
Thinking if you can create an export group on whatsapp for we aspiring exporter will be okay.
here is my number 07033818556

Thanks a billion.

The world has become a global village. An importer from Hong Kong can know everything about you, your company and your products and decide whether to contact you or not via the internet. So, as an exporter, there is a great need to have internet presence for foreign buyers of your products to see you. We, at Tectono Business Review, can help you achieve that.

Wow!!! Exporters are really creating wealth. Please, to sustain your export business, have integrity and be transparent.

Many Nigerians are doing well abroad and cannot do without Nigerian local dishes. They can pay any amount of money to eat local foods. That is why exportation of local foodstuffs gives quite a lot of money.

People making hundreds of thousands of dollars in export just started with the business idea and business plan. You can start the way they started and make it.

Folks, let us take advantage of this great opportunity.