The 2026 trade environment is unforgiving. A single typo in the B’Odogwu system can lead to weeks of demurrage. Here are the 10 most common ‘profit-killers’ identified in March 2026.
The Top 5 Mistakes
- Wrong HS Code: Using a 5% code for a 20% item. Cost: 200% penalty + seizure.
- Ignoring VREG: Shipping a car without registering it first. Cost: Port gridlock and high storage fees.
- Late Documentation: Opening your Form M after the ship has sailed.
- Unlicensed Agents: Using ‘handbag’ agents who aren’t registered on the National Single Window.
- Under-Valuation: Thinking Customs won’t see the real price of an iPhone 17 on the global database.
The Remaining 5
- Ignoring SONCAP/NAFDAC: Assuming ‘small items’ don’t need permits.
- Poor Packaging: Not using moisture-absorbent bags for electronics in humid Lagos ports.
- Ignoring Incoterms: Not knowing the difference between CIF and FOB.
- Lack of Insurance: Shipping $50,000 of goods without a marine insurance policy.
- System Glitch Denial: Not having a ‘contingency fund’ for when the B’Odogwu platform goes down.
Conclusion
Importation is a profession, not a side-hustle. Avoid these traps by following our SME Compliance Checklist.