President Bola Tinubu welcomed Brazil’s state-owned oil company, Petrobras, back to Nigeria after a five-year hiatus, signalling a new chapter in Nigeria-Brazil economic relations.
The announcement came on Monday during his State Visit to Brasília.
Trade between the two countries reached nearly US$2.1 billion in 2024.
Brazil exported sugar and jams to Nigeria and imported mainly fertilisers.
Consequently, Tinubu said Petrobras’ return would strengthen energy cooperation and boost Nigeria’s economy.
New Agreements, New Opportunities
During the visit, Nigeria and Brazil signed five Memoranda of Understanding to expand cooperation in trade, diplomacy, science, aviation, and finance.
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Tinubu praised Brazil’s support for Nigeria’s aviation sector, including Embraer’s regional service centre, and he highlighted opportunities to collaborate in technology, manufacturing, renewable energy, and healthcare.
Moreover, President Lula welcomed the renewed partnership and announced that Air Peace will operate a direct flight between Lagos and São Paulo to strengthen people-to-people ties.
The leaders also signed agreements on air services, diplomatic training, science and technology, and trade promotion.
They concluded the day with a state luncheon at Itamaraty Palace.
Tinubu described the visit as a turning point, moving beyond symbolic gestures and actively fostering tangible economic cooperation.
