President Tinubu Lauds Petrobras’ Imminent Return As Nigeria, Brazil Sign Five MoUs To Boost Economic Ties

President Bola Tinubu on Monday welcomed Petrobras’s imminent return to Nigeria, five years after Brazil’s state-owned oil company halted its joint venture operations.

At a joint press conference in Brasília during his State Visit to Brazil, President Tinubu said Petrobras’ return would reignite economic cooperation in the energy sector between the two 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,” he said.

During the state visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) to strengthen trade, diplomacy, science, aviation, and finance cooperation.

President Tinubu praised President Lula’s commitment to revitalising the partnership between the two countries, noting that Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies.

He acknowledged Embraer’s efforts in addressing the critical challenges of local airline operations in Nigeria, primarily through establishing a Service Centre to serve as a hub for the subregion in essential repairs and maintenance of its ever-increasing fleet in Nigeria.

President Tinubu recalled his previous engagements in Brazil and emphasised the urgency of moving beyond symbolic ties to concrete economic cooperation.

“Honourable Ministers of both countries, members of the Brazil Business Group, I have listened carefully to my friend, President Lula. We had a lengthy discussion. We talked about history and about African and Brazilian heritage.

“We tried to see why we are not at the level we wanted. We have allowed some problems and activities in the past to deter us from making progress and fulfilling our promises. But today we say that is the end of that.

“This is my third visit to the country. First, the visit to attend the G20. Second, on climate change, BRICS. And today, an official and state visit was very emotional.”

Highlighting the areas of cooperation, the President underscored Nigeria’s readiness to partner with Brazil on technology transfer, food security, manufacturing, and renewable energy.

“Today, we are fighting and working hard to bring our sovereignty to the level of expectation that we as a nation, the most populous, the most dynamic country, Nigeria, share with Brazil. We need to share—technology transfer, energy, economy—so that Brazil can continue to widen the opportunities for us to embrace Africa. Africa is the new frontier.

”There is no other way to do it than to embrace it with technology, fast development, research, food sovereignty, and manufacturing.”

The President stressed the need for investment and knowledge exchange on healthcare and pharmaceuticals.

“We have elevated this promise to the path of reality, as you have seen in various MOUs. I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria.

‘I don’t see why the technological superiority of Brazil is not shared with Africa. We assured each other that only we can develop our economies to help our sovereignty.”

The President assured investors that Nigeria’s economic reforms are yielding 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.

”It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption. We have the governor of the Central Bank of Nigeria here. You don’t have to know him before getting the foreign exchange you need. The speculators are out. In our currency market, the door is open for businesses,” he said.

President Lula welcomed the restart of the Brazil-Nigeria relationship.

“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration. We continue to be dedicated to building a world of peace, free from hegemonic impositions.

“There are many possibilities for synergy between the world’s two largest countries with Black populations. Agriculture and livestock, oil and gas, fertilisers, aircraft, and machinery, among others, represent wide avenues for cooperation”.

He spoke further on the BASA agreement: “Increasing the direct connections between Nigeria and Brazil is another essential step to strengthen the ties between our societies. We have approved the launch of a direct flight, to be operated by Nigeria’s largest airline company, Air Peace, between Lagos and São Paulo”.

Following a two-hour expanded bilateral meeting, the two leaders witnessed the signing of agreements and MOUs at the Palácio do Planalto in Brasília.

Nigeria is Brazil’s 49th largest export destination, with trade totalling nearly US$2.1 billion in 2024. Brazil exported almost US$1 billion to Nigeria, primarily sugar and jams, and imported US$1.1 billion, mostly fertilisers.

President Tinubu attended a state luncheon hosted at the Itamaraty Palace following the press conference.