Tinubu, Brazil Boost Economy with Petrobras’ Return to Nigeria

President Bola Tinubu on Monday welcomed Petrobras’s imminent return to Nigeria, five years after Brazil’s state-owned oil company halted its joint venture operations.

According to BusinessDay, Nigeria and Brazil already enjoy robust trade relations, with Nigeria ranked as Brazil’s 49th largest export destination. In 2024, bilateral trade between both countries reached nearly US$2.1 billion. Brazil exported almost US$1 billion to Nigeria mainly sugar and jams while importing US$1.1 billion, largely in fertilisers.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, said Petrobras’s decision would help reignite Nigeria’s economy.

Speaking at a joint press conference in Brasília during his ongoing State Visit to Brazil, President Tinubu stressed the importance of Petrobras’s return in strengthening energy cooperation.

“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,” Tinubu said.

Five MoUs to Strengthen Bilateral Ties

During the visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) to deepen cooperation in trade, diplomacy, science, aviation, and finance.

President Tinubu commended President Luiz Inácio Lula da Silva’s commitment to revitalising the partnership, describing Nigeria as a “virgin land full of opportunities” for Brazilian companies. He praised Embraer’s role in addressing Nigeria’s aviation challenges, especially through plans to set up a Service Centre for aircraft maintenance in the subregion.

The President also highlighted the urgency of moving beyond symbolic relations to practical economic cooperation.

“Honourable Ministers of both countries, members of the Brazil Business Group, I have listened carefully to my friend, President Lula. We had a lengthy discussion. We talked about history and about African and Brazilian heritage.

We tried to see why we are not at the level we wanted. We have allowed some problems and activities in the past to deter us from making progress and fulfilling our promises. But today we say that is the end of that.

This is my third visit to the country. First, the visit to attend the G20. Second, on climate change, BRICS. And today, an official and state visit was very emotional.”

Partnerships in Technology, Food Security, and Renewable Energy

Tinubu underscored Nigeria’s readiness to collaborate with Brazil in areas such as technology transfer, food security, renewable energy, pharmaceuticals, and manufacturing.

“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.

There is no other way to do it than to embrace it with technology, fast development, research, food sovereignty, and manufacturing.”

On healthcare cooperation, Tinubu emphasised the need for investment in pharmaceutical production, noting Brazil’s expertise in generic drugs.

“We have elevated this promise to the path of reality, as you have seen in various MOUs. I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria.

I don’t see why the technological superiority of Brazil is not shared with Africa. We assured each other that only we can develop our economies to help our sovereignty.”

The President reassured investors that Nigeria’s reforms are yielding results.

“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.

It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption. We have the governor of the Central Bank of Nigeria here. You don’t have to know him before getting the foreign exchange you need. The speculators are out. In our currency market, the door is open for businesses.”

Lula Commits to Reviving Brazil-Nigeria Partnership

President Lula reaffirmed his administration’s dedication to rekindling ties with Nigeria.

“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration. We continue to be dedicated to building a world of peace, free from hegemonic impositions.

There are many possibilities for synergy between the world’s two largest countries with Black populations. Agriculture and livestock, oil and gas, fertilisers, aircraft, and machinery, among others, represent wide avenues for cooperation.”

He also announced a direct flight between Lagos and São Paulo, to be operated by Nigeria’s largest airline, Air Peace, under the Bilateral Air Services Agreement (BASA).

“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.”

Signed Agreements

Following a two-hour bilateral meeting at the Palácio do Planalto, the two leaders witnessed the signing of multiple agreements:

Bilateral Air Services Agreement (BASA): Signed by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos.

Diplomatic Training Cooperation & Political Consultations MoU: Signed by Nigeria’s Minister of State for Foreign Affairs, Bianca Ojukwu, and Brazil’s Foreign Minister, Mauro Vieira.

Science, Technology & Innovation MoU: Signed by Nigeria’s Geoffrey Nnaji and Brazil’s Luciana Santos, covering biotechnology, energy, digital transformation, and ocean science.

Trade & Investment Promotion MoU: Signed by Ayo Sotinri, MD of Nigeria’s Bank of Agriculture, and Brazil’s Minister for BNDES, Aluísio Mercadante, focusing on agricultural financing and joint projects.

President Tinubu later attended a state luncheon hosted at the Itamaraty Palace.