The importation industry can seem intimidating, coupled with the naira depreciation. However, the opportunities are vast for small-scale businesses when you consider certain quality products you can import into Nigeria for as low as N100,000.
Nigeria is largely dependent on imported foreign products also makes the business viable. You’ll need to target products with high opportunities and demands. This way, you can generate more from your N100,000 importation business.
All you need is your capital, a phone or laptop, good internet service, and an excellent international eCommerce platform. Some deliveries might incur some charges. However, you have the choice of choosing free shipping or express delivery.
If you want to cut down on expenses, you can consider the free shipping method. This is typical when you are buying from China.
While it reduces expenses, it takes about 20 to 30 days for the package to be delivered and picked up at the China Post Air Mail/Parcel or Hong Kong Mail services. If you are ready and considering the niche to start with N100,000 in the importation business, consider the following.
Fairly used clothes, bags and shoes are one of the products people mostly import into Nigeria
This is locally known as Okirika. This business is booming as Nigerians patronise second-hand or fairly used products daily. The products are known for being relatively cheap compared to the new apparel. These products are imported from countries such as Cotonou, U.S.A. and China.
Since these are basic human necessities, the market can never be saturated. Due to the cheap cost of starting the business, the sellers generate more profit. For instance, on Alibaba, bales of mixed-used clothes of 11,000 kilograms (minimum order quantity) cost $1.80 to $2.
With the current dollar to naira of N419, you can get about 119 bales worth 11,000kg each. With the black market rate of N710, you will get 70 bales worth 11,000kg each.
The taste for fancy bags, wears, and shoes by high fliers in the society make it one of the products you can import and start a business in Nigeria
Before selling a high-end product in Nigeria, you must have a market for it. If not, the products will become stall designs and depreciate. This business is for you if you have the proper connection with elite customers and a knack for selling things. You can import from China, Dubai, and the U.S.A.
With the everyday Owambe in Nigeria, you are sure to sell out and make your returns. On the Alibaba platform, you can order fancy bags ranging from $2.59 to $9.35 with three minimum order quantities. This includes shipping. With the black market price, you can import 15 bags, while with the Nigerian market price, you can order 25 bags.
For Formal wear, there are female wears that range from $11 to $29. For the black market, you can get eight formal wears, while for the CBN rate, five wears.
You can import Jewellery
Jewellery compliments ladies’ attire. With its vast market, you can import it at a low cost and sell it in Nigeria. You start with less expensive and affordable jewellery such as earrings, necklaces, leg chains, knuckle rings, cuff links, nose rings, wrist bands, hand chains, and bangles.
The Alibaba site has different styles and qualities of pieces of jewellery that range from $0.30 to $15.
Wristwatches are in a market of their own
Though the wristwatch might fall under the jewellery category, it is a market on its own with brands that range from casual to sports watches and chronographs to digital watches. Some wristwatches perform additional functions and more.
To select the brand to invest your N100,000 in, consider your available market and the minimum order quantity of the product. The benchmark order for some brands is 500 to 1000. The prices range from $1.20 to $1.80 and $0.50 to $3. Some cost $517.
Dumb phones are still in demand in Nigeria
Though the world has gone digital, some people still cannot afford expensive android phones. Hence, they opt for dumb phones. These phones are less expensive, making them affordable for the masses.
Since there is a market for it in Nigeria, you can leverage it and start importing durable and less expensive phones to Nigeria.