Discusses the most common methods of payment, such as open account, letter of credit, cash in advance, documentary collections, factoring, etc. Includes credit-rating and collection agencies in this country. Includes primary credit or charge cards used in this country.
Last Published: 6/20/2016

Methods of payment include either confirmed irrevocable letters of credit, bills for collection, open account or any other internationally accepted mode of payment. Whatever the mode adopted, the proceeds must be repatriated within 90 days from the date of shipment of the consignment.  U.S. exporters are advised to ship goods only on sight confirmed and irrevocable letters of credit.   The preferred method of quoting is "CIF."
 
U.S. firms also are advised that fraudulent business practices involving bogus financial documents are common.  Independent verification of the legitimacy of transactions is recommended.  U.S firms should also consult with their bankers for document verification.  It is necessary to confirm the validity of any Nigerian bank with the U.S. Commercial Service office in Nigeria.

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.


More Information

Nigeria Market Access Payment