Folake Odidi is a multi-plug — a Fashion Entrepreneur, a Content Creator, an Inspirational Writer and a Matchmaker. And she wears all these hats as the Managing Director (MD/CEO) of ABIKEREDEFINED GLOBAL SERVICES LTD.
She talks about her journey as well as help explain what it entails to become a profitbale exporter. This young woman began her career 6years ago in the fashion industry but was drawn to the export and logistics space in 2019, majorly to encourage the distribution of various made in Nigeria products across countries by bringing suppliers of different products together to expose them to a larger market and how they can not only produce but also package and brand their products to international standard.
Her experience as a service contractor and a project manager over the years enables her to supervise and coordinate the smooth flow of a project from start to finish by hiring the right candidate with the skills to get jobs done and this has made her brand a go-to place most especially for the fact that their services are cost-effective.
Ediale Kingsley takes her on a conversation:
What is ABIKEREDEFINED GLOBAL SERVICES LTD all about?
ABIKEREDEFINED GLOBAL SERVICES LTD is a Conglomerate with several divisions of which exporting is One of the divisions. It’s basically An outsourcing company into the execution of diverse services basically to propel businesses to new levels of success while continuously creating value across the globe. Our services include Fashion, Media and Editorial, IT and Business Solutions, Janitorial services, Logistics, Human resources, Interior and Exterior, Event Planning and Management, Real Estate Services, Entertainment and Tourism, Matchmaking Services, etc. There are over 200 large, medium and small businesses who presently enjoy our outsourcing merits over the years and These relationships are built on the reputation and trust that we always deliver world-class, gap-specific services in a professional and ethical manner.
At ABIKEREDEFINED GLOBAL SERVICES LTD, it’s beyond just the regular, every project is an experience to behold.
So tell us how can someone become a profitable exporter?
Export is a Big Deal – A flow variable. The role of exports to the modern economy is huge in every part of the world because it opens more markets for goods especially agricultural products and fosters economic growth.
The first thing to do is to Register your business as a limited liability company, Get an Export license from The Nigerian Export Promotion Council (NEPC).
Open a domiciliary account with any bank in Nigeria and this same bank shall issue the Exporter with a Nigerian Export Proceeds Form (NXP Form) in respect of each export transaction, The Exporter shall ensure that the export proceeds are credited to this account.
Focus on Agricultural products or commodities which will yield enough returns and less risk.
Negotiate low-cost Shipping with Shipping companies.
What are the best things to export and why are they regarded as best?
There are a lot of things that can be exported outside the country but Food Export is one of the best and why because Food is a necessity. Especially African food for those in the diaspora.
Palm Kernel: is used for the manufacturing of cosmetics, pharmaceutical products, confectioneries, etc. The uses of this oil are broad which is why the demand for it from other parts of the world is high.
Yam: Yam has a very high return and it’s also one of the best things to export, maybe no wonder Yam is now expensive here Lol!
Cotton: Cotton is in high demand in countries like China, Bangladesh, Vietnam, Turkey, Indonesia, Hong Kong.
Honey: This is a very lucrative business to look into for export because it has a lot of health benefits.
There are also several others like Chilli pepper, Cocoa beans, Cocoa butter, frozen shrimps, Cassava, Cashew Nuts, Seasame seeds, etc.
So do you offer training services as well. Where you teach people how to export as a business and career?
Not at the moment but before the year runs out, we are looking at offering training due to the massive requests we get on that. We would announce that once we are about to start.
So can someone look to invest in your company with the desire to make good ROIs?
There are rooms for a good Return On Investments in exporting.
Taking the leap of faith to export goods to an international customer base takes careful considerations. But, once you’ve done your research and established that your business is ready to expand overseas, there is much to gain as a small business by trading outside your local market. Here are just some of the many ways you could benefit from trading internationally.
Supply and Demand
If you limit your small business to within your country’s borders, the demand for your products may well be limited too. Deciding to sell goods overseas can help to increase orders, as you are opening yourself up to a worldwide audience online. You may even discover a new stream of revenue that you had never considered or thought of before.
The more revenue stream you generate for your business the better, as this can help to safeguard your company from a drop in domestic sales or a change in buyer trends.
Leverage Your Country’s Reputation
If you are selling products from Nigeria, for instance, you can easily leverage the reputation, culture and popularity of your home country to increase interest and sales from overseas customers, and that might just give you the edge you need to grow your business globally.
In addition, food items from Nigeria will likely attract European customers looking for such goods from around the world.
Double Your Profits
International trade has increased dramatically over the past 15 years, rising from $10 trillion in 2005 to over $27 trillion in 2020. Businesses that specialize in exporting goods tend to grow faster and more economically than those who trade in their home country only. So, if you’re looking to double your profits, you should really consider selling your goods further afield.
Innovation in Business
When borders are open and people can trade freely around the world, product design and development become more creative, efficient and innovative. Being able to learn from the best in each industry and understand different cultures, buying trends and overseas demand helps companies to grow and develop far quicker than if they were restricted or in a bubble within their home country.
Storage Facilitates for Agricultural produce:
The storage of goods, therefore, from the time of Harvest or production to the time of consumption, ensures a continuous flow of goods in the market.
Reduce Risk & Reliance on Local Market
Risk is just part of managing a business but there are ways to reduce your level of risk as a small business. When we consider supply and demand, this can make or break any business, whether you’re a small company or an international corporation.
One way to reduce risk is to diversify your income by creating different streams of revenue. You can do this by exporting goods overseas. When you increase your customer base, you’re increasing the chance that your product will be needed and wanted. If your original customer demand drops, you can focus your attention on overseas clients and vice versa.
This benefit has been illustrated recently during the global pandemic. As some countries remain only slightly affected by Covid-19, others have suffered badly with massive economic implications. By diversifying your income as a small business through international trade you can put in place strategies to overcome an economic downturn in your home country, or overseas. We help individuals to enter a new market in a way they will make money and not lose money. We educate them and offer tools to increase their ROI and reduce the chances of risks.
So how can one make their goods or products accessible to buyers in different regions?
Partner with the supply chain that serves as intermediaries for the distribution of your goods or products. They can help you sell the products better and put it in the faces of more people than working alone. In other words, they have some sort of capabilities the producer needs: contact with many customers or the right customers, marketing expertise, shipping and handling capabilities, and the ability to lend the producer credit are among the types of help a firm can get by utilizing a channel partner. Also, use every channel to advertise.
Business, no matter the industry or customer base, is based on one main principle, supply and demand. As a producer, a drop in demand can have significant implications for your company. But by increasing demand through exporting goods to different regions and meeting the needs of international customers, you can increase inquiries, customers and profits.
For a small company or start-up business, expanding further afield and exporting goods worldwide can increase your demand which in turn helps you to re-invest in your business, secure jobs and grow your brand on a global scale.
So can small farmers also export and make some decent profits?
Yes, small farmers can also export and make profits without necessarily depending on brief-case businessmen and women once you have the necessary licenses and international trade permits for regions. Also, The agricultural produce has to be inspected by a phytosanitary officer before it’s allowed for export, If all conditions are fulfilled and the product is free from pests, a phytosanitary certificate is issued immediately after paying a fee.
Not only does international trade support many independent businesses around the world, but it also helps to stabilize the global economy too. Exporting goods from one country to another is a crucial part of business today. By trading internationally, even small farmers are able to grow, creating more job opportunities and economic growth.
Did Covid 19 affect this business negatively or positively?
The Covid 19 affected most countries negatively in which Nigeria is not excluded. There was a sharp drop in export due to the global pandemic after the country resorted to a lockdown back in April to curb the spread of the virus. Those who export crude oil were affected, same as an agricultural product were indirectly affected by disruptions to supply chains and falling consumer demand. After its first confirmed case, Nigeria’s federal and state governments implemented lockdowns across most cities and states. This included closing all borders and many non-essential businesses. Nigeria also faced declining remittances and export demand caused by the global recession and escaping economic recession is very slim since the pandemic is still out there.
What do you do when you aren’t exporting or doing related duties?
It’s either I am Writing fiction stories, Solo Travel, Shopping for myself, or Shopping for people as a side hustle.