Petrobras Set to Return as Tinubu, Lula Seal Five Landmark MoUs
- President hails Brazil’s renewed commitment to Nigeria’s energy, trade, and technology sectors
President Bola Tinubu has welcomed the imminent return of Petrobras, Brazil’s state-owned oil giant, to Nigeria, five years after it suspended its joint venture operations.
Speaking at a joint press conference in Brasília during his state visit, the President said Petrobras’ comeback would reignite cooperation in the oil and gas sector. “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.
TIMES OF NIGERIA gathered from a State House press release that five MoUs were signed during the visit, covering trade, science, aviation, diplomacy, and finance.
Tinubu highlighted Nigeria’s readiness to deepen collaboration in technology transfer, food security, manufacturing, renewable energy, and pharmaceuticals.
“I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria,” he said.
He assured investors that Nigeria’s economic reforms were beginning to yield 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,” the President said.
President Lula echoed the sentiment, emphasising the potential synergy between Nigeria and Brazil as the world’s two largest Black-populated nations.
“Agriculture and livestock, oil and gas, fertilisers, aircraft, and machinery, among others, represent wide avenues for cooperation,” Lula said, adding that new air connections such as the Lagos–São Paulo flight would further strengthen bilateral ties.
Trade between both nations totalled nearly US$2.1 billion in 2024, with Brazil exporting close to US$1 billion worth of goods, mainly sugar, while importing over US$1.1 billion from Nigeria, mostly fertilisers.
Tinubu rounded off his engagements with a state luncheon at the Itamaraty Palace.
