President Bola Tinubu on Monday welcomed the imminent return of Petrobras to Nigeria, five years after the Brazilian state-owned Oil Company suspended its joint venture operations.
According to Special Adviser to the President Information and Strategy Bayo Onanuga, speaking at a joint press conference in Brasília during his state visit to Brazil, Tinubu said the move would reignite cooperation in the energy sector. “We have the largest gas repository. I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done quickly,” he stated.
During the visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) covering trade, diplomacy, science and technology, aviation, and finance.
Key agreements include:
- A Bilateral Air Services Agreement, paving the way for Air Peace to begin direct Lagos–São Paulo flights.
- An MoU on political and diplomatic cooperation, signed by both foreign ministries.
- A science and innovation MoU, focusing on biotechnology, renewable energy, digital transformation, and space development.
- A trade and investment MoU between Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development (BNDES).
Tinubu urged Brazilian companies to seize opportunities in Nigeria’s expanding market, citing reforms aimed at boosting transparency and investor confidence. He also highlighted areas of cooperation in technology transfer, food security, renewable energy, pharmaceuticals, and manufacturing.
Brazilian President Luiz Inácio Lula da Silva hailed the strengthening of ties, stressing that both countries—two of the world’s largest with Black populations—share vast opportunities in agriculture, oil and gas, aviation, and industry. He confirmed the approval of direct flights between Lagos and São Paulo as a step toward deeper integration.
Following expanded bilateral talks, the two leaders witnessed the signing of the agreements at the Palácio do Planalto in Brasília.
Trade between the two nations reached nearly $2.1 billion in 2024, with Nigeria exporting mostly fertilisers and Brazil exporting sugar and related products.
