Tantalizers Fisheries Limited, a subsidiary of Nigerian fast food giant, Tantalizers Plc, has signed a five-year offtake agreement with a US-based seafood importer, Harvester Fisheries LLC, to export seafood to the world’s largest economy.
Under the deal, Tantalizers Fisheries will supply minimum annual quantities of wild-caught tiger prawns and pure shrimps to Harvester Fisheries, which is headquartered in Massachusetts, for a duration of five years.
In a disclosure filed with the Nigerian Exchange (NGX) Limited and signed by Company Secretary, Mrs Olamide Babawale-Mo, Tantalizers described the agreement as a multi-million-dollar deal and a major step in its push into the global seafood export market.
Speaking on the partnership, Tantalizers Plc’s Group Managing Director, Mr Robert Speijer, said the move will see Nigeria become a credible exporter of high-quality seafood to new markets.
“Our partnership with Harvester Fisheries strengthens our global supply chain and positions Nigeria as a credible source of high-quality seafood for the North American market,” he stated.
Harvester Fisheries LLC is based in New Bedford, Massachusetts, one of the most active fishing ports in the United States.
The company imports and distributes high-grade seafood to retail chains, restaurants, and institutional buyers across North America.
Nigeria has always faced challenges with its exports, due to constraints around complex export documentation, bureaucracy, and inconsistent regulations which discourage trade.
Issues around high interest rates, weak FX availability, and standards compliance, also add to the challenges.