President Tinubu applauds Petrobras’s return to Nigeria following five MOUs

President Bola Tinubu welcomed Petrobras’s upcoming return to Nigeria after a five-year hiatus from its joint venture operations.

During a joint press conference in Brasília on his State Visit, he emphasized that Petrobras’s return would revitalize energy sector cooperation between the two nations.

“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.

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President Tinubu lauded President Lula for his dedication to strengthening ties between Nigeria and Brazil, highlighting Nigeria’s untapped economic potential for Brazilian firms. He also recognized Embraer’s contributions in tackling local airline challenges by establishing a Service Centre to support essential repairs and maintenance in the region.

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.”

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Brazil President, Lula emphasized Nigeria’s willingness to collaborate 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.”

President Lula emphasized the importance of investment and knowledge sharing in 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.
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‘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.”

After a two-hour bilateral meeting, the leaders observed the signing of agreements at the Palácio do Planalto in Brasília. In 2024, Nigeria became Brazil’s 49th largest export market, with trade reaching nearly US$2.1 billion. Brazil exported around US$1 billion to Nigeria, mainly in sugar and jams, while importing US$1.1 billion, largely in fertilizers.