President Bola Tinubu has secured the return of Petrobras to Nigeria, five years after the Brazilian state-owned oil giant halted its joint venture operations.
A statement from the Presidency, signed by Special Adviser on Information and Strategy, Bayo Onanuga, confirmed the development on Monday.
Speaking at a joint press conference in Brasília during his State Visit to Brazil, Tinubu said Petrobras’ re-entry would reignite energy sector cooperation between both countries.
“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 stated.
During the visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) covering trade, diplomacy, science, aviation, and finance. President Tinubu also signed a Bilateral Air Service Agreement (BASA) with Brazil to deepen economic, cultural, and diplomatic ties.
The Special Assistant to the President on Media & Communications, Stanley Nkwocha, noted that Petrobras, which previously exited Nigeria’s Agbami field, had been in talks with Nigerian authorities as part of preparations for the 2025 Nigeria-Brazil Strategic Dialogue Mechanism.
Tinubu praised President Luiz Inácio Lula da Silva’s commitment to revitalising bilateral relations, stressing that Nigeria’s economic space remains “a virgin land, full of opportunities for Brazilian companies.” He highlighted Brazil’s aircraft manufacturer Embraer’s plans to establish a service hub in Nigeria for the subregion’s airlines.
Emphasising stronger economic cooperation, Tinubu said Nigeria was ready to partner with Brazil on technology transfer, food security, manufacturing, renewable energy, healthcare, and pharmaceuticals.
“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,” Tinubu said, assuring investors that his administration’s policies were yielding results.
President Lula, in response, described Nigeria-Brazil ties as “a world of possibilities,” listing agriculture, oil and gas, fertilisers, aircraft, and machinery as key cooperation areas. He confirmed that direct Lagos–São Paulo flights would soon commence, to be operated by Air Peace.
Following a two-hour expanded bilateral meeting at the Palácio do Planalto, both leaders witnessed the signing of:
- A Bilateral Air Services Agreement between Nigeria’s Minister of Aviation, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos.
- An Agreement on Diplomatic Training Cooperation, signed by Nigeria’s Ambassador Bianca Ojukwu and Brazil’s Foreign Minister Mauro Vieira.
- An MoU on Political Consultations covering bilateral, regional, and international issues.
- An MoU on Science, Technology, and Innovation, signed by Nigeria’s Geoffrey Nnaji and Brazil’s Luciana Santos.
- An MoU on Trade and Agricultural Investment, signed by Nigeria’s Bank of Agriculture MD Ayo Sotinrin and Brazil’s BNDES Minister Aluísio Mercadante.
Trade between Nigeria and Brazil totalled nearly US$2.1 billion in 2024, with Brazil exporting US$1 billion — mainly sugar and jams — and importing US$1.1 billion, mostly fertilisers.
President Tinubu later attended a state luncheon hosted at the Itamaraty Palace.
