Trade Process

Trade Process: At Exporthub Nigeria Limited (ENL), our international shipping agreements is either Ex Works (EXW), Free On Board (FOB) or Cost, Insurance & Freight (CIF) depending on the buyer's preference. The terms of these agreements are based on the International Commerce Terminology (INCOTERMS) of 2000, 2010 & 2015, developed by the International Chamber of Commerce.

Ex Works (EXW): The seller makes the products available at a designated location and the buyers incurred transportation. The buyer is responsible for loading the goods onto a vehicle (even though the seller may be better placed to do this); for all export procedures; for onward transport and for all costs arising after collection of the goods.
The exporter may still need to be involved in export reporting and clearance processes, and cannot realistically leave these to the buyer. Although the seller is not obliged to load the goods, if the seller does so, this is at the buyer's risk!

Free On Board (FOB): The seller (exporter) assume all the cost up to the shipping point. It includes payment for the transportation of the goods to the port of shipment, plus loading costs. With the FOB type of shipping agreement, delivery is accomplished when the goods cross the rail of the ship, while the buyer (importer) pays the cost of marine freight transport, insurance, unloading, and transportation from the originating port to the final destination.

Cost, Insurance & Freight (CIF): The seller or exporter will assume all the cost up to the buyer's (importer's) destination port. When a CIF - Cost, Insurance and Freight - shipping agreement is used, the seller (exporter) has responsibility for the cost of the goods in transit, providing minimum insurance and paying freight charges to move the goods to a destination chosen by the buyer. From the point of delivery at the destination, the buyer assumes responsibility for unloading charges and any further shipping costs to a final destination..

Please do contact us, if you have any questions or further enquiry.

Redefining Africa's Agro-Commodity Trading

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