President Bola Tinubu has applauded plans by Brazil’s state-owned oil firm, Petrobras, to resume operations in Nigeria after a five-year break.

Speaking during his state visit to Brazil on Monday, Tinubu said Petrobras’ return would strengthen energy cooperation and open fresh opportunities for both countries. He thanked President Luiz Inácio Lula da Silva for supporting the move and described Nigeria as a fertile ground for Brazilian investment.

During the visit, Nigeria and Brazil signed five new agreements covering aviation, trade, finance, science and technology, and diplomacy. One of the highlights was a bilateral air services deal that will allow Air Peace to operate direct flights between Lagos and São Paulo.

Other pacts focused on renewable energy, biotechnology, agriculture, digital transformation, and pharmaceuticals. Tinubu also called for knowledge exchange in manufacturing and healthcare, particularly in the production of generic drugs.

The Nigerian leader assured investors that his government’s economic reforms are stabilising the economy and making it easier to do business.

On his part, President Lula described Nigeria as a key partner, stressing the potential for cooperation in agriculture, machinery, oil and gas, and trade. He said the two countries, both with large Black populations, share deep historical and cultural ties.

In 2024, trade between Nigeria and Brazil was valued at nearly $2.1 billion, with sugar and fertilisers among the main products exchanged. The newly signed agreements are expected to expand this relationship further.

The talks ended with a state luncheon at the Itamaraty Palace in Brasília, marking a fresh chapter in Nigeria-Brazil relations.