By Ayomide Otitoju
The Presidency on Monday announced that President Bola Tinubu has secured the return of Petrobras to Nigeria, five years after Brazil’s state-owned oil giant halted its joint venture operations in the country.
The development was confirmed in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, following Tinubu’s state visit to Brazil.
Speaking at a joint press conference in Brasília alongside Brazilian President Luiz Inácio Lula da Silva, Tinubu described Petrobras’ renewed commitment as a milestone in rekindling bilateral energy cooperation.
“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 said.
The move follows reports earlier this year that Petrobras was exploring re-entry into Nigeria’s oil sector, with particular interest in frontier deepwater acreage. The company had previously exited operations at the Agbami field.
During the visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) covering trade, diplomacy, science, aviation, and finance. Tinubu also witnessed the signing of a Bilateral Air Services Agreement (BASA) between Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filho. The agreement paves the way for direct flights between Lagos and São Paulo, to be operated by Nigeria’s largest carrier, Air Peace.
Additional agreements included cooperation on diplomatic training, political consultations, biotechnology, energy, digital transformation, and agricultural financing. Nigeria’s Bank of Agriculture signed an MoU with Brazil’s National Bank for Economic and Social Development (BNDES) to expand investment and joint agricultural projects.
Tinubu praised Lula’s commitment to revitalising bilateral ties and highlighted opportunities for Brazilian investment in technology transfer, food security, renewable energy, and pharmaceuticals.
“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,” Tinubu said.
He also pointed to reforms in Nigeria’s economy, saying they are beginning to yield tangible results.
“The reforms I’ve embarked upon since I took over 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,” the president stated.
Trade between Nigeria and Brazil totalled nearly $2.1 billion in 2024, with Brazil exporting close to $1 billion—mainly sugar and jams—and importing about $1.1 billion, largely fertilisers.
Tinubu concluded his visit with a state luncheon hosted at the Itamaraty Palace, reaffirming both nations’ commitment to deepening economic, cultural, and diplomatic relations.
