President Bola Tinubu has expressed optimism that Brazil’s state-owned oil company, Petrobras, will help boost Nigeria’s energy sector as it prepares to return, five years after halting its joint venture operations in the country.
Speaking in Brasília during his state visit to Brazil, Tinubu described the planned comeback as a major opportunity to reignite economic cooperation between both nations. He stressed that Nigeria’s vast gas reserves remain open for partnerships and urged Petrobras to re-establish its presence quickly.
“We have the largest gas repository, and I don’t see why Petrobras shouldn’t be back in Nigeria as a partner as soon as possible,” Tinubu said, thanking President Luiz Inácio Lula da Silva for supporting the move.
Renewed Bilateral Cooperation
Beyond oil, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) during the visit, covering trade, science and technology, aviation, finance, and diplomacy. Tinubu praised the agreements as proof that both countries are moving beyond symbolic ties to tangible economic projects.
He commended Brazilian aircraft manufacturer Embraer for plans to establish a service hub in Nigeria, saying it would provide much-needed support for the country’s aviation sector and the wider region.
Tinubu also called for stronger collaboration in renewable energy, food security, pharmaceuticals, and manufacturing, noting Brazil’s advances in generic drug production and agricultural technology as areas Nigeria can benefit from.
“The reforms we’ve started at home are already yielding results,” Tinubu added. “Foreign exchange is more transparent, speculators are gone, and corruption is being tackled head-on.”
Lula’s Commitment
President Lula welcomed the rekindled partnership, highlighting the potential for cooperation in agriculture, livestock, energy, machinery, and aviation. He also confirmed the approval of a direct flight route between Lagos and São Paulo to be operated by Air Peace, aimed at strengthening business and cultural ties.
“At a time when protectionism is on the rise globally, Nigeria and Brazil are reaffirming their commitment to free trade and productive integration,” Lula said.
Agreements Signed
The two leaders witnessed the signing of key agreements, including:
A Bilateral Air Services Agreement to expand trade and connectivity.
A Diplomatic Training and Political Consultation Agreement for closer foreign policy cooperation.
A Science and Technology MoU covering biotechnology, space development, digital transformation, and renewable energy.
A Trade and Investment MoU between Nigeria’s Bank of Agriculture and Brazil’s BNDES to promote agricultural financing and joint ventures.
Trade between Nigeria and Brazil reached nearly $2.1 billion in 2024, with Brazil exporting sugar and jams while importing fertilisers.
Tinubu concluded his visit with a state luncheon at the Itamaraty Palace, describing the renewed partnership as “the beginning of a new era” in Nigeria–Brazil relations.
