- Tinubu Secures Petrobras’ Return to Nigeria During State Visit to Brazil
- President Tinubu said Petrobras’ return would revitalise economic collaboration
- The president also underscored Nigeria’s readiness to collaborate with Brazil on technology transfer, food security, manufacturing, renewable energy, and research
Brazilian state-owned oil company Petrobras is set to resume operations in Nigeria, five years after exiting joint venture activities in the country.
Eko Hot Blog reports that this development follows the signing of five strategic Memoranda of Understanding (MoUs) between Nigeria and Brazil aimed at strengthening cooperation in trade, diplomacy, science, aviation, and finance.
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The announcement was made during President Bola Tinubu’s State Visit to Brazil, where he met with Brazilian President Luiz Inácio Lula da Silva.
Speaking at a joint press conference in Brasília, President Tinubu said Petrobras’ return would revitalise economic collaboration in the energy sector between both nations.
“We have the largest gas reserves, so I see no reason why Petrobras should not partner with Nigeria as soon as possible. I appreciate President Lula’s promise that this will happen swiftly,” Tinubu said.
Tinubu praised President Lula’s commitment to deepening the partnership between the two countries and highlighted Nigeria’s vast economic potential, calling it a largely untapped market full of opportunities for Brazilian companies.
He also commended Brazilian aircraft manufacturer Embraer for its growing presence in Nigeria, especially its plans to establish a regional service hub to support the country’s expanding aviation industry.
Reflecting on his previous engagements in Brazil, Tinubu stressed the need to move beyond symbolic ties and focus on concrete economic cooperation.
“Honourable ministers of both countries and members of the Brazil Business Group, I have listened carefully to my friend, President Lula. We had an extensive discussion about history, African and Brazilian heritage, and our shared opportunities,” Tinubu said.
He noted that past challenges had slowed progress but emphasised that both nations are committed to charting a new course. Tinubu recalled his earlier visits to Brazil for the G20 Summit, climate change discussions, and BRICS engagements, saying the current state visit marks an emotional step towards a stronger partnership.
The president also underscored Nigeria’s readiness to collaborate with Brazil on technology transfer, food security, manufacturing, renewable energy, and research.
“Today, we are working hard to elevate our sovereignty to the level of expectation that we, as the most populous and dynamic African nation, share with Brazil. Technology, energy, and economic cooperation will allow Brazil to widen opportunities for us to embrace Africa. Africa is the new frontier,” he said.
Tinubu further highlighted the need for investments and knowledge exchange in healthcare and pharmaceuticals, urging Brazil to partner with Nigeria in local production. “We have elevated this promise to the path of reality, as reflected in the various MoUs signed. I do not see why the manufacturing of generic drugs, which Brazil has mastered, cannot be done in Nigeria. Brazil’s technological advancements should also be shared with Africa,” he added.
On domestic reforms, Tinubu assured Brazilian investors that Nigeria’s economic transformation is yielding positive results. “The reforms I initiated since assuming office were initially tough, but today the benefits are becoming evident. We have more funds for the economy, corruption is being tackled, and the business environment is improving,” he said.
He also assured investors of transparency in the foreign exchange market, noting that processes have been simplified and speculative practices eliminated, making Nigeria more attractive to businesses.
