President Bola Tinubu has welcomed the planned return of Petrobras, Brazil’s state-owned oil giant, to Nigeria—five years after it halted its joint venture operations—saying the move would rekindle economic cooperation between the two countries in the energy sector.
Speaking at a joint press conference with Brazilian President Luiz Inácio Lula da Silva in Brasília during his state visit, Tinubu urged Petrobras to resume investments quickly, noting Nigeria’s vast gas reserves.
“We have the largest gas repository. So 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 as soon as possible,” Tinubu said, according to BusinessDay.
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During the visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) spanning trade, diplomacy, science and technology, aviation, and finance.
Tinubu lauded Lula’s commitment to revitalizing bilateral ties, describing Nigeria as a “virgin land, full of opportunities” for Brazilian companies.
Among the agreements was a Bilateral Air Services Agreement (BASA) enabling Nigeria’s largest carrier, Air Peace, to operate direct flights between Lagos and São Paulo.
Other deals covered cooperation in biotechnology, renewable energy, innovation ecosystems, and agricultural financing.
Tinubu also acknowledged Brazilian aircraft manufacturer Embraer’s plans to establish a service hub in Nigeria to support local airlines with repairs and maintenance.
The President stressed that both nations must move beyond symbolic relations to concrete partnerships in technology transfer, food security, energy, and pharmaceuticals.
He highlighted the potential for Brazil’s expertise in generic drug manufacturing to be extended to Nigeria.
Reassuring investors, Tinubu pointed to his government’s ongoing reforms, saying initial pains were giving way to tangible results.
“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, but today the result is blossoming. We have more money for the economy, and there will be no more corruption. In our currency market, the door is open for businesses,” he said.
President Lula, in turn, welcomed the restart of Nigeria-Brazil relations, emphasizing shared opportunities in agriculture, oil and gas, aviation, and manufacturing.
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“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration,” Lula noted.
Following their expanded bilateral talks, the two leaders witnessed the signing of agreements at the Palácio do Planalto, capping a visit Tinubu described as “very emotional,” marking his third official trip to Brazil.
Image Credit: Nairametrics
