In bids to renew commitment to energy cooperation between Nigeria and Brazil, President Bola Ahmed Tinubu, has welcomed the imminent return of Petrobras, Brazil’s state-owned oil company, to Nigeria after a five-year hiatus.
While speaking at a joint press conference with President Luiz Inácio Lula da Silva during his State Visit to Brazil recently, President Tinubu hailed the revitalization of economic ties, particularly in the energy sector.
“We have the largest gas repository. So I don’t see why Petrobras shouldn’t be a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will happen promptly,” Tinubu said.
During the visit according to the Press Release, signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) aimed at strengthening cooperation across key sectors including: Trade, Diplomacy, Science and Technology, Aviation and Finance.
He commended President Lula’s commitment to enhancing bilateral relations, highlighting that Nigeria remains a “virgin land full of opportunities” for Brazilian companies.
President Tinubu applauded Brazilian aerospace company Embraer for its contributions to addressing operational challenges in Nigeria’s aviation sector, particularly through the establishment of a Service Centre to support airline maintenance across West Africa.
While reflecting on his previous engagements in Brazil, President Tinubu emphasized the need to move beyond symbolic ties to tangible cooperation, adding that “This is my third visit to Brazil—first for the G20, second for BRICS climate change discussions, and now an official state visit. Today is deeply emotional. We must now deliver on promises we’ve made in the past.”
President Tinubu reiterated Nigeria’s readiness to collaborate with Brazil in critical areas such as: Technology transfer, Food security,Renewable energy and Manufacturing. He said “We must develop our economies and deepen sovereignty. Africa is the new frontier. There’s no better time for Brazil and Nigeria to work together—through research, fast development, food sovereignty, and industrialization.”
He also used the visit to renewing his call for increase in investment on healthcare and pharmaceuticals, citing Brazil’s advanced capabilities in generic drug manufacturing, saying “There is no reason Brazil’s technological achievements in pharmaceuticals cannot be replicated in Nigeria.”
President Tinubu assured Brazilian investors that Nigeria’s ongoing economic reforms are beginning to yield positive results, noted that “The reforms I’ve implemented since taking office were initially painful, but they are now bearing fruit. We have cleaned up our currency market—there’s no need for special connections to access foreign exchange. Speculators are out, transparency is in.”
President Lula while welcoming the renewed partnership, he emphasized the mutual benefits in trade and cultural ties. “In a time of rising protectionism, Nigeria and Brazil reaffirm their commitment to free trade and productive integration. from oil and gas to agriculture and aviation, the synergy between our two nations is boundless” says President Lalu.
President Lula also confirmed the launch of a direct flight route between Lagos and São Paulo, operated by Air Peace, Nigeria’s largest airline, under the newly ratified Bilateral Air Services Agreement (BASA).
Brazil currently ranks Nigeria as its 49th largest export destination, with bilateral trade reaching US$2.1 billion in 2024. Brazil exported nearly US$1 billion—primarily sugar and jams—to Nigeria and imported US$1.1 billion, mostly in fertilisers.
Following the two-hour expanded bilateral meeting at Palácio do Planalto, both Presidents witnessed the formal signing of the MoUs.
