President Bola Tinubu has welcomed the imminent return of Brazil’s state-owned oil company, Petrobras, to Nigeria, following the signing of five Memoranda of Understanding (MoUs) designed to deepen bilateral cooperation between the two countries.
In a State House press release issued by his Special Adviser on Information and Strategy, Bayo Onanuga, on Monday, August 25, 2025, President Tinubu described Petrobras’ comeback as a “momentous step” toward strengthening energy cooperation. The company had halted its joint venture operations in Nigeria five years ago.
Speaking at a joint press conference in Brasília during his State Visit to Brazil, President Tinubu said:
“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.”
The two nations signed five MoUs covering trade, diplomacy, science, aviation, and finance. Tinubu hailed Brazilian President Luiz Inácio Lula da Silva’s commitment to revitalising bilateral ties, stressing that Nigeria remains a vast economic frontier full of opportunities for Brazilian companies.
He particularly acknowledged the role of Brazilian aerospace giant Embraer in Nigeria’s aviation sector, noting its plan to establish a Service Centre to support airline operations across West Africa. Tinubu also underscored Nigeria’s readiness to collaborate with Brazil on technology transfer, renewable energy, food security, manufacturing, healthcare, and pharmaceuticals.
“Africa is the new frontier. There is no other way to embrace it than through technology, fast development, research, food sovereignty, and manufacturing,” he said.
The Nigerian leader assured investors that his government’s reforms were delivering tangible results.
“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… In our currency market, the door is open for businesses,” he said.
President Lula, in his remarks, welcomed the renewed partnership and emphasised the potential for synergy between the two countries—both home to the world’s largest Black populations. He highlighted agriculture, oil and gas, fertilisers, aviation, and machinery as key areas of collaboration.
On aviation links, Lula confirmed that Brazil had approved the launch of direct flights between Lagos and São Paulo, to be operated by Air Peace, Nigeria’s largest airline.
The two leaders also presided over the signing of agreements at the Palácio do Planalto after a two-hour expanded bilateral meeting. According to trade figures, Brazil exported nearly US$1 billion in goods—primarily sugar and jams—to Nigeria in 2024, while importing US$1.1 billion, largely fertilisers.
President Tinubu rounded off his engagements with a state luncheon hosted at the Itamaraty Palace.
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