President Bola Tinubu has welcomed the imminent return of Petrobras to Nigeria, five years after the Brazilian state-owned oil company suspended its joint venture operations in the country.
Speaking at a joint press conference with Brazilian President Luiz Inácio Lula da Silva in Brasília during his State Visit, President Tinubu described the development as a major step toward revitalising energy cooperation between both nations.
“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.
The two leaders also witnessed the signing of five Memoranda of Understanding (MoUs) covering trade, diplomacy, aviation, finance, science, and technology.
Tinubu praised Lula’s commitment to deepening economic ties, noting that Nigeria remains a fertile ground for investment opportunities. He highlighted ongoing partnerships, including Embraer’s plan to establish a Service Centre in Nigeria to support local and regional airline operations.
The President stressed Nigeria’s readiness to collaborate with Brazil on technology transfer, renewable energy, food security, and manufacturing. He further called for cooperation in healthcare and pharmaceuticals, citing Brazil’s experience in generic drug manufacturing.
“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. It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption,” he assured investors.
On his part, President Lula said Brazil was committed to strengthening bilateral relations, describing Nigeria and Brazil as “the world’s two largest countries with Black populations.”
“Increasing the direct connections between Nigeria and Brazil is another essential step to strengthen the ties between our societies. We have approved the launch of a direct flight, to be operated by Nigeria’s largest airline company, Air Peace, between Lagos and São Paulo,” Lula added.
During the expanded bilateral session at Palácio do Planalto, both leaders witnessed the signing of several agreements:
- A Bilateral Air Services Agreement (BASA) between Nigeria’s Aviation Minister, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos.
- An MoU on Diplomatic Training Cooperation signed by Nigeria’s Ambassador Bianca Ojukwu and Brazil’s Foreign Minister Mauro Vieira.
- A separate MoU on political consultations to enhance collaboration on regional and international issues.
- An MoU on science and technology cooperation, covering biotechnology, ocean science, space development, and digital transformation, signed by Nigeria’s Geoffrey Nnaji and Brazil’s Luciana Santos.
- An MoU on agricultural financing and investment, signed by Nigeria’s Bank of Agriculture MD Ayo Sotinrin and Brazil’s BNDES chief, Aluísio Mercadante.
According to trade figures, Brazil exported almost $1 billion worth of goods to Nigeria in 2024, primarily sugar and jams, while importing $1.1 billion, mostly fertilisers.
President Tinubu later attended a state luncheon hosted in his honour at the Itamaraty Palace.
