President Bola Tinubu has expressed confidence that Petrobras’ planned return to Nigeria will boost oil and gas production, five years after the Brazilian state-owned oil giant exited its joint venture operations in the country.

Speaking at a joint press conference during his State Visit to Brazil, President Tinubu described Petrobras’ comeback as a strategic move to strengthen energy cooperation between Nigeria and Brazil.

“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.

During the visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) to enhance partnerships in trade, aviation, science, diplomacy, and finance.

President Tinubu praised President Luiz Inácio Lula da Silva for his commitment to revitalising bilateral ties, adding that Nigeria remains a land of opportunities for Brazilian investors.

He also acknowledged Embraer’s efforts in addressing challenges in Nigeria’s aviation sector by setting up a service centre to serve the West African subregion for repairs and maintenance.

Tinubu emphasized Nigeria’s readiness to collaborate with Brazil in key sectors, including technology transfer, renewable energy, food security, and manufacturing.

“Africa is the new frontier. There is no other way to do it than with technology, research, food sovereignty, and manufacturing,” he said, while also highlighting the need for knowledge exchange in healthcare and pharmaceuticals.

The President assured investors that Nigeria’s ongoing economic reforms are yielding results, improving transparency, and eliminating corruption.

“The reforms I’ve embarked upon since taking office have been impactful. It was initially painful, but today the result is blossoming,” Tinubu said, noting that access to foreign exchange is now more transparent and market-driven.

President Lula welcomed the renewed partnership, stressing that both nations share historic ties and opportunities for synergy in oil and gas, agriculture, fertilisers, machinery, and trade.

Following extended bilateral talks, both leaders witnessed the signing of multiple agreements, including:

• A Bilateral Air Services Agreement (BASA) to strengthen aviation links between Lagos and São Paulo.
• An MoU on Diplomatic Training Cooperation and political consultations.
• Agreements on science and technology collaboration, covering biotechnology, energy, and digital transformation.
• A partnership between Nigeria’s Bank of Agriculture and Brazil’s BNDES for agricultural financing and trade promotion.

Brazil is Nigeria’s 49th largest export destination, with bilateral trade valued at nearly $2.1 billion in 2024. Brazil exports mainly sugar and jams, while Nigeria’s exports include fertilisers.