President Bola Tinubu on Monday welcomed the imminent return of Petrobras to Nigeria, five years after Brazil’s state-owned oil company halted its joint venture operations.
Speaking at a joint press conference in Brasília during his State Visit to Brazil, President Tinubu said Petrobras’ comeback would reignite robust cooperation in the energy sector between Africa’s largest oil producer and Latin America’s biggest economy.
“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,” President Tinubu said.
During the state visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) covering trade, diplomacy, science, aviation, and finance to cement a stronger bilateral partnership.
President Tinubu praised President Luiz Inácio Lula da Silva’s commitment to revitalising relations between the two countries, stressing that Nigeria’s economic space remains a fertile ground for Brazilian investments.
The President also acknowledged Embraer’s efforts in addressing Nigeria’s aviation challenges through plans for a regional Service Centre to provide essential aircraft maintenance for Nigeria and West Africa.
He recalled his past visits to Brazil, emphasising the need to move beyond symbolic ties to concrete cooperation in critical sectors.
“Today, we are fighting and working hard to bring our sovereignty to the level of expectation that we as a nation, the most populous, the most dynamic country, Nigeria, share with Brazil. We need to share—technology transfer, energy, economy—so that Brazil can continue to widen the opportunities for us to embrace Africa. Africa is the new frontier,” Tinubu declared.
He further highlighted opportunities for collaboration in food security, renewable energy, manufacturing, pharmaceuticals, and healthcare.
“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. Our currency market is now open for businesses, and speculators are out,” the President added.
On his part, President Lula welcomed the restart of Brazil-Nigeria relations.
“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their commitment to free trade and productive integration. There are many possibilities for synergy between the world’s two largest countries with Black populations,” he said.
President Lula also announced the approval of a direct flight between Lagos and São Paulo, to be operated by Nigeria’s largest airline, Air Peace, under the BASA agreement.
Following a two-hour expanded bilateral meeting, the two leaders witnessed the signing of the MoUs at the Palácio do Planalto in Brasília.
Nigeria is currently Brazil’s 49th largest export destination, with bilateral trade totalling nearly US$2.1 billion in 2024. Brazil exported almost US$1 billion to Nigeria—mainly sugar and jams—while importing US$1.1 billion, mostly fertilisers.
President Tinubu later attended a state luncheon hosted at the Itamaraty Palace.