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Here are answers to some questions we get asked the most about buying and selling on TheNaira. Feel free to contact us if your question is not answered here. Please read our Terms and Conditions and Privacy Policy before contacting us. You may find the answer to your question in one of those pages.

Frequently Asked Questions

Product sourcing is the process of locating high-quality products to sell at reasonable prices from reputable suppliers. A sourcing agent is someone who is primarily responsible for locating suppliers and manufacturers who can meet your requirements.The mandate of a sourcing agent may include more than just locating a supplier; it may also include price negotiation, quality control, product testing, import/export duty, and shipping logistics.

The process of sourcing, acquiring, and paying for goods and services is known as procurement. Procurement agents bargain with various suppliers on price, quality, timeliness, and other factors. They expedite and communicate with suppliers to ensure that goods are delivered on time. They may also examine purchase orders, requisitions, invoices, supply requests, and supply orders.

Freight forwarding is the coordination and shipment of goods from one place to another. Freight forwarders act as a middleman between the company that ships the goods and the final destination for the goods. A freight forwarder, also known as a forwarding agent, is a person or company that organises shipments for individuals or corporations to get goods from the manufacturer or producer to a market, customer, or final point of distribution for a fee.
We assist you with the process of locating sources for products and supplies at low prices so the company can save money on production. We can also assist with pocurement and shipping to your location. If you are sourcing for suppliers or working with buyers with little to no knowledge about them, you are at risk of getting scammed. That’s why you need us to help. Learn more about us here.

We can help you procure both new and pre-owned items. Check, however, to see if your goods comply with the rules of origin. Buying used items whenever possible is a great way to save money on your family’s budget.

Sellers based in the UK must register for VAT if they’re selling goods as a business activity in the UK and their business’s VAT taxable turnover is more than £85,000 a year.

Overseas sellers must register for VAT if they meet all of the following conditions:

  • they’re selling, or will be selling taxable goods in the UK as a business activity now, or will be within the next 30 days – this includes selling goods:
    • in the UK at the point of sale
    • to a UK consumer, and then imported into the UK by the seller
  • they do not have a business or other fixed establishment in the UK relating to any business you carry out
  • they advertise or offer goods for sale on a website that will be supplied in the UK

Private individuals who make ‘one-off’ or occasional sales do not need to register for VAT.

Overseas sellers

HMRC define you as an overseas seller if you sell goods stored in the UK to UK consumers and do not have a business establishment in the UK.

A seller is established in the country where the functions of their business’s central administration take place.

To work out where that is consider where:

  • essential management decisions are made
  • their registered office is located
  • management meetings take place

You’re also an overseas seller if you’re based outside the UK or EU and sell goods to a UK consumer, then import them into the UK.

International sales of goods contracts, by definition, imply that the sellers and buyers are located in different countries. This creates an obvious risk of misunderstanding, because most commercial law is country-specific, reflecting national trade practises, values, and public policy. However, generally an International sales of goods contract must inclue the following:
  • where the goods will be delivered
  • who arranges transport
  • who handles and pays for insurance
  • who handles customs procedures
  • who pays any duties and taxes

The Vienna Convention, also known as the Contracts for the International Sale of Goods (CISG), is a treaty created by the United Nations to create a uniform international convention or model law. The model law that resulted is commonly used to govern international sales agreements.

An agreement between two or more parties that is detailed in a formal document is known as a memorandum of understanding. Although it does not have legal force, it expresses the parties’ will to proceed with a contract. As it outlines the parameters and goals of the discussions, the MOU can be viewed as the beginning point for negotiations.

MOUs outline the expectations that all parties to a discussion have agreed upon. The MOU serves as a precursor to a binding contract even if it is not legally enforceable. Most frequently used in international relations, the MOU.

 

A Bill of Lading is a legal document that serves several crucial purposes in logistics and transportation. It is first and foremost a contract between the shipper, the carrier, and the consignee outlining the products being sent, as well as the origin and destination of the shipment.

A shipment term known as “Free on Board” (FOB) designates the stage of the supply chain at which a buyer or seller assumes responsibility for the items being carried. Between buyers and sellers, purchase orders describe FOB terms and assist in calculating ownership, risk, and transportation expenses.

The terms “FOB Origin” or “FOB Shipping Point” indicate that the buyer accepts title to the goods at the shipment point and assumes all risk once the seller ships the product. If the goods are damaged or lost in transit, the buyer is liable.

“FOB Destination” means that the seller retains title to the goods and all responsibility for them during transit until they reach the buyer.

 

Although FOB Origin and Destination are the most commonly used shipping terms, there are others.

• FAS, or Free Alongside: The seller must deliver goods on a ship that pulls up alongside another ship and is close enough for the ship’s lifting devices to bring the goods aboard.

• FCA (Free Carrier): The seller is required to deliver goods to an airport, shipping port, or railway terminal where the buyer has a fixed location and accepts delivery.

• EXW (Ex Works): The seller prepares items for shipment from its warehouse, but the buyer is responsible for picking up the goods and arranging shipment.

• DES (Delivered Ex Shipment): The seller delivers products to a predetermined shipping port, which the buyer accepts.

As an exporter, you need to make sure shipping and delivery responsibilities are written down and clearly understood. Using international commercial terms (known as incoterms) in contracts can help you do this. Incoterms Clarify Responsibilities of Parties to a Sales Transaction. You may obtain Incoterms® 2020 rules visit the ICC website.

Shipping arrangements are made between the buyer and seller. In the case of a direct purchase through us, all shipping costs are paid by the buyer, and the item is forwarded to the provided delivery address only after all payments have been made, using the buyer’s preferred method. In the latter case, goods are shipped FOB the shipping point.

The cost of shipping your car froom the UK to Nigeria will vary depending on the type of vehicle, its dimensions, and the method of transport to the shipping port, such as whether you want to ship the car via container service or roll-on, roll-off service (RO-RO). Cars older than 15 years cannot be shipped or imported into Nigeria.

 

Car shipping to Lagos starts at £795.00 for a saloon car like a Toyota Avensis or a Volkswagen Golf. Our 4×4 rates to Lagos for a standard-size SUV, such as a Toyota RAV 4 or a Mercedes ML, are £1,060.00. The cost of shipping a van or a truck is determined by the overall dimensions of the vehicle. Importing a used car to Nigeria incurs a 35% duty, while shipping newer cars to Nigeria incurs duties ranging from 35% to 70% of the vehicle’s value.


However, these are not final prices because some factors, such as whether the vehicles are run-and-drive, non-runners, or require forklift service, can increase the cost of shipping a car to Nigeria.

 

You need to have the following:

>Original shipping bill of lading (Seaway bill or an Airway bill)
> Form M number for E-Form M imports in Nigeria.
> Original bill.
> Checklist for packing.
> Nigerian Drivers License or passport
> Combined certificate of Value and Origin (CCVO).
> Document detailing pier fees for the Lagos terminal.

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