Tinubu welcomes Petrobras’ return as Nigeria, Brazil seal five MoUs

President Bola Tinubu has welcomed the imminent return of Brazil’s state-owned oil company, Petrobras, to Nigeria, five years after the energy giant halted its joint venture operations in the country.

Speaking at a joint press conference in Brasília on Monday during his State Visit to Brazil, President Tinubu described the move as a major step towards revitalising economic cooperation in the oil and gas sector.

“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 without delay,” Tinubu said.

During the visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) covering trade, diplomacy, science and technology, aviation, and finance.

Tinubu praised Brazilian President Luiz Inácio Lula da Silva’s commitment to renewing bilateral ties, stressing that Nigeria remains a fertile ground for investment.

He particularly lauded Brazilian aircraft manufacturer Embraer’s plan to establish a service centre in Nigeria to support airline operations across West Africa.

The Nigerian leader, who recalled previous visits to Brazil, said the two countries must now move beyond symbolic relations to concrete economic collaboration.

“We need to share technology transfer, energy, economy—so that Brazil can continue to widen opportunities for us to embrace Africa.

“Africa is the new frontier,” he said.

Tinubu also underscored the need for cooperation in renewable energy, food security, pharmaceuticals, and manufacturing, urging Brazil to support Nigeria in developing local capacity in generic drug production and technological innovation.

On Nigeria’s domestic reforms, Tinubu assured investors that recent economic measures were already yielding positive results.

“It was initially painful, but today the result is blossoming.

“We have more money for the economy, and there will be no more corruption.

“The currency market is now open for businesses,” he noted.

In his remarks, President Lula reaffirmed Brazil’s readiness to deepen ties with Nigeria, describing both countries as natural partners.

He announced the approval of a new direct flight to be operated by Nigeria’s largest airline, Air Peace, between Lagos and São Paulo.

“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration.

There are many possibilities for synergy between the world’s two largest countries with Black populations,” Lula said.

The two leaders later witnessed the signing of agreements at the Palácio do Planalto before attending a state luncheon at the Itamaraty Palace.

Trade between Nigeria and Brazil stood at $2.1 billion in 2024, with Nigeria exporting mainly fertilisers while Brazil shipped sugar and machinery.