Brasília, Brazil – President Bola Ahmed Tinubu on Monday welcomed the imminent return of Petrobras, Brazil’s state-owned oil company, to Nigeria, five years after it halted joint venture operations in the country.
Speaking during a joint press conference with President Luiz Inácio Lula da Silva in Brasília as part of his State Visit, Tinubu said Petrobras’ return would reignite energy cooperation between both nations, noting Nigeria’s vast gas reserves as a key opportunity.
“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 quickly,” Tinubu said.
The highlight of the visit was the signing of five Memoranda of Understanding (MoUs) covering trade, diplomacy, science, aviation, and finance, aimed at strengthening bilateral ties.
Tinubu commended Lula’s commitment to revitalising relations, stressing that Nigeria’s economy remained “a virgin land full of opportunities” for Brazilian businesses. He singled out Brazilian aircraft manufacturer Embraer, praising its plan to establish a regional service centre in Nigeria to support the growing fleet of local airlines.
Reflecting on past ties, Tinubu said Nigeria and Brazil must move beyond symbolic connections to practical partnerships in technology transfer, food security, renewable energy, and pharmaceuticals.
“We need to share technology, energy, and economy so Brazil can continue to widen opportunities for Africa. Africa is the new frontier,” Tinubu declared, while assuring investors that Nigeria’s ongoing reforms were stabilising the economy and eliminating corruption.
In his remarks, President Lula affirmed Brazil’s commitment to deepening relations with Nigeria, describing the two countries as natural partners given their shared history and demographic similarities.
“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration,” Lula said. He further announced the approval of a direct Air Peace flight between Lagos and São Paulo, calling it a major step to strengthen people-to-people ties.
Trade between Nigeria and Brazil stood at nearly US$2.1 billion in 2024, with Brazil exporting almost US$1 billion mostly sugar and jams and importing US$1.1 billion, largely fertilisers.
Following bilateral talks at the Palácio do Planalto, both leaders witnessed the signing of the agreements before attending a state luncheon at the Itamaraty Palace.
