President Bola Tinubu on Monday welcomed plans by Brazil’s state-owned oil giant, Petrobras, to resume operations in Nigeria, five years after suspending its joint venture activities.
Speaking at a joint press conference in Brasília during his State Visit to Brazil, Tinubu said the company’s return would reignite cooperation in the energy sector and open new opportunities for investment.
“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,” he said, appreciating President Luiz Inácio Lula da Silva’s assurance that the move would be fast-tracked.
Nigeria and Brazil also signed five Memoranda of Understanding covering trade, finance, aviation, diplomacy, and scientific cooperation. Tinubu commended Lula’s commitment to revitalising bilateral ties, describing Nigeria as “a virgin land full of opportunities” for Brazilian investors.
He highlighted Brazil’s aircraft manufacturer, Embraer, for its ongoing efforts to strengthen Nigeria’s aviation sector through a regional service hub for aircraft maintenance.
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The President stressed the need for collaboration in technology transfer, food security, renewable energy, manufacturing, and pharmaceuticals. He urged Brazil to bring its expertise in generic drug production to Nigeria, saying knowledge-sharing would accelerate Africa’s economic rise.
“This is my third visit to Brazil, and today marks a new chapter. We must move beyond symbolic ties to concrete economic cooperation,” Tinubu declared.
Trade between both countries reached $2.1 billion in 2024, with Brazil exporting sugar and related products while importing fertilisers from Nigeria.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the agreements would reignite Nigeria’s economic growth.
