Nigerian President Bola Tinubu announced today that Brazil’s state-owned oil giant, Petrobras, will soon resume operations in Nigeria. The announcement, made during a joint press conference with Brazilian President Luiz Inácio Lula da Silva, marks a significant step in revitalizing economic ties between the two nations after a five-year hiatus for the company’s joint venture operations.
“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,” President Tinubu said, expressing his appreciation for President Lula’s commitment to the move.
The state visit culminated in the signing of five Memoranda of Understanding (MOUs) aimed at bolstering bilateral cooperation. The agreements span a range of critical sectors, including trade, diplomacy, science, aviation, and finance.
Aviation: Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos, signed a Bilateral Air Services Agreement (BASA) to boost trade and travel. In a related development, a direct flight between Lagos and São Paulo, operated by Air Peace, has been approved, which will significantly improve connectivity.
Foreign Affairs: An agreement on diplomatic training and an MOU on political consultations were signed by Nigeria’s Minister of State for Foreign Affairs, Bianca Ojukwu, and Brazil’s Minister of Foreign Affairs, Mauro Vieira, to enhance cooperation on international issues.
Science & Technology: An MOU was signed by Nigeria’s Minister of Innovation, Science, and Technology, Geoffrey Nnaji, and Brazil’s Minister of Science, Technology, and Innovation, Luciana Santos, to promote collaboration in areas such as biotechnology, bioeconomy, and digital transformation.
The Managing Director of Nigeria’s Bank of Agriculture, Ayo Sotinrin, and the Brazilian Minister for the National Bank for Economic and Social Development, Aluísio Mercadante, signed an MOU to expand agricultural financing and promote joint investment projects.
President Tinubu also acknowledged the efforts of Embraer, a Brazilian aerospace company, for its commitment to establishing a Service Centre in Nigeria to address the maintenance needs of its growing fleet in the country. He encouraged further collaboration, emphasizing Nigeria’s potential for Brazilian companies, particularly in technology transfer, food security, manufacturing, and renewable energy.
President Tinubu described the visit as “very emotional,” recalling his previous engagements in Brazil and underscoring the urgency of moving from symbolic ties to tangible economic cooperation. He assured Brazilian investors that Nigeria’s economic reforms are yielding positive results, with a commitment to transparency and a more open market.
President Lula echoed this sentiment, welcoming the “restart” of the Brazil-Nigeria relationship. He highlighted the “many possibilities for synergy between the world’s two largest countries with Black populations,” citing agriculture, oil and gas, and machinery as key areas for future collaboration.
With a current trade value of nearly $2.1 billion annually, the newly signed agreements are expected to build on this foundation and unlock new opportunities for both nations.
