President Bola Tinubu on Monday welcomed Petrobras’ imminent return to Nigeria, five years after Brazil’s state-owned oil company halted its joint venture operations.
At a joint press conference in Brasília during his State Visit to Brazil, President Tinubu said Petrobras’ return would reignite economic cooperation in the energy sector between the two countries.
“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,” he said.
During the state visit, Nigeria and Brazil signed five memoranda of understanding to strengthen cooperation in trade, diplomacy, science, aviation, and finance.
Tinubu praised Lula’s commitment to revitalising the partnership between the two countries, noting that Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies.
He acknowledged Embraer’s efforts in addressing the critical challenges of local airline operations in Nigeria, primarily through the establishment of a Service Centre to serve as a hub for the subregion in essential repairs and maintenance of its ever-increasing fleet in Nigeria.
Tinubu recalled his previous engagements in Brazil and emphasised the urgency of moving beyond symbolic ties to concrete economic cooperation. The President restated the importance of investment and knowledge exchange in healthcare and pharmaceuticals.
The president assured investors that Nigeria’s economic reforms are yielding results.
Lula welcomed the restart of the Brazil-Nigeria relationship.
“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,” the Brazilian president said per BASA.
Following a two-hour expanded bilateral meeting, the two leaders witnessed the signing of agreements and MOUs at the Palácio do Planalto in Brasília.
The Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos, signed a Bilateral Air Services Agreement to boost trade and people-to-people ties.
Minister of State for Foreign Affairs of Nigeria, Ambassador Bianca Ojukwu and Minister of Foreign Affairs of Brazil, Ambassador Mauro Vieira, signed an agreement on Diplomatic Training Cooperation.
Both ministers also signed an MoU on political consultations to address bilateral, regional, and international issues of common interest.
Nigeria’s Minister of Innovation, Science, and Technology, Geoffrey Nnaji and Brazil’s Minister of Science, Technology, and Innovation, Luciana Santos, signed an MoU on cooperation in biotechnology, bioeconomy, ocean science, innovation ecosystems, energy, space development, digital transformation, and raw materials research.
Managing Director of Nigeria’s Bank of Agriculture, Ayo Sotinrin and Brazil’s Minister for the National Bank for Economic and Social Development (BNDES), Aluísio Mercadante, signed an MOU for cooperation on trade and investment promotion, harmonising efforts to expand agricultural financing, investment, and joint projects.
Nigeria is Brazil’s 49th largest export destination, with trade totalling nearly $2.1 billion in 2024. Brazil exported almost US$1 billion to Nigeria, primarily sugar and jams, and imported $1.1 billion, mostly fertilisers.
