Tinubu welcomes Petrobras’ return as Nigeria, Brazil sign MoUs to strengthen economic ties

By Kunle Sanni –

President Bola Tinubu has announced the imminent return of Petrobras, Brazil’s state-owned oil company, to Nigeria, five years after it suspended joint venture operations in the country.

Speaking at a joint press conference in Brasília during his state visit to Brazil on Monday, Tinubu said Petrobras’ renewed participation would boost energy sector cooperation between Africa’s largest oil producer and South America’s largest 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,” Tinubu said. “I appreciate President Lula’s promise that this will be done promptly.”

The visit produced five Memoranda of Understanding covering trade, aviation, diplomacy, science and technology, and finance. A Bilateral Air Services Agreement was also signed to enable direct flights between Lagos and São Paulo, to be operated by Air Peace. Both countries further agreed on diplomatic training, political consultations, and scientific cooperation, including biotechnology, renewable energy, and space development. In addition, Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development signed an accord to promote agricultural financing and trade.

Tinubu urged Brazilian companies to invest in Nigeria’s manufacturing, pharmaceuticals, and food security sectors, stressing that ongoing economic reforms were improving transparency and creating a more business-friendly environment. “The reforms I’ve embarked upon have been impactful. It was initially painful, but today the result is blossoming,” he said.

President Lula described the renewed partnership as a step toward deeper South-South cooperation, highlighting opportunities in oil, agriculture, aviation, and manufacturing. “Nigeria and Brazil reaffirm their bet on free trade and productive integration,” he said.

Trade between the two countries reached nearly US$2.1 billion in 2024, with Brazil exporting about US$1 billion in goods and importing US$1.1 billion, mostly fertilisers.

Tinubu and Lula also held an expanded bilateral meeting at the Palácio do Planalto before attending a state luncheon at the Itamaraty Palace.