PRESIDENT Bola Tinubu has confirmed the return of Petrobras to Nigeria, five years after the Brazilian state-owned oil giant exited its joint venture operations in the country.
The announcement came yesterday during Tinubu’s state visit to Brazil, where he held a joint press conference with President Luiz Inácio Lula da Silva in Brasília.
Tinubu hailed Petrobras’ comeback as a step towards deepening cooperation in the oil and gas sector, stressing that Nigeria’s vast gas reserves made the country a strategic partner.
“I don’t see why Petrobras shouldn’t be part of Nigeria’s energy space,” he said, thanking President Lula for supporting the move.
The Presidency revealed that during the visit, Nigeria and Brazil signed five Memoranda of Understanding covering trade, diplomacy, science, aviation, and finance.
A Bilateral Air Services Agreement (BASA) was also signed, paving the way for direct flights between Lagos and São Paulo by Air Peace.
Tinubu praised Brazil’s aerospace company, Embraer, for establishing a service centre in Nigeria, describing it as a boost for the aviation sector in West Africa.
He further outlined Nigeria’s readiness to partner with Brazil in technology transfer, food security, manufacturing, renewable energy, and pharmaceuticals.
Highlighting recent reforms in Nigeria, the President assured investors that economic changes were beginning to yield results.
“The initial pains are giving way to visible progress. We now have a more transparent foreign exchange system and stronger confidence in the economy,” he said.
For his part, President Lula said the renewed partnership marked a shift towards deeper economic and cultural integration.
He emphasized opportunities in agriculture, oil and gas, aircraft, fertilisers, and technology, adding that both countries—home to the world’s largest Black populations—shared a natural bond.
The agreements were signed at the Palácio do Planalto in Brasília by ministers from both nations, covering aviation, diplomatic training, biotechnology, innovation, energy, and agricultural financing.
Brazil remains one of Nigeria’s key trade partners, with bilateral trade hitting nearly $2.1 billion in 2024, largely in fertilisers, sugar, and machinery.