President Bola Tinubu on Monday hailed the imminent return of Petrobras to Nigeria, describing the move as a major step toward revitalising economic cooperation between Africa’s largest economy and Brazil.
Speaking in Brasília during his state visit, President Tinubu said the re-entry of Brazil’s state-owned oil company—five years after it suspended operations in Nigeria would strengthen bilateral collaboration in the energy sector.
“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 at a joint press briefing with President Luiz Inácio Lula da Silva.
During the visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) covering trade, diplomacy, aviation, science and technology, and finance.
Among the agreements was a Bilateral Air Services Agreement enabling direct flights between Lagos and São Paulo. Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, signed the pact alongside Brazil’s Minister of Ports and Airports, Silvio Costa Filhos. The move paves the way for Air Peace, Nigeria’s largest airline, to operate the route.
Other MoUs included diplomatic training cooperation, political consultations, joint science and technology research, and enhanced agricultural financing between Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development.
President Tinubu urged Brazilian investors to take advantage of opportunities in Nigeria’s manufacturing, food security, renewable energy, and pharmaceutical sectors. He assured them that ongoing reforms were stabilising the economy, restoring confidence in the foreign exchange market, and eliminating corruption.
“My reforms were painful at the beginning, but the results are blossoming. The door is now open for businesses,” he said.
President Lula welcomed the renewed partnership, noting that Brazil and Nigeria—home to the world’s largest Black populations—shared unique cultural and economic ties. He highlighted agriculture, oil and gas, fertilisers, and machinery as key areas of synergy, while stressing that direct air links would further boost people-to-people relations.
Following bilateral talks at the Palácio do Planalto, the two leaders witnessed the formal signing of the agreements before Tinubu attended a state luncheon at the Itamaraty Palace.
Trade between Nigeria and Brazil reached nearly $2.1 billion in 2024, with sugar and jams topping Brazil’s exports, while Nigeria supplied mostly fertilisers.
