The Presidency announced on Monday that President Bola Tinubu has secured the return of Petrobras to Nigeria, five years after Brazil’s state-owned oil giant suspended its joint venture operations in the country.
The announcement came during Tinubu’s state visit to Brazil, where he held bilateral talks with President Luiz Inácio Lula da Silva in Brasília and addressed the press alongside him.
In a statement, Special Adviser to the President on Information & Strategy, Bayo Onanuga, said Tinubu welcomed Petrobras’ decision, describing it as a major step toward revitalising energy cooperation between Nigeria and Brazil.
“We have the largest gas repository. I don’t see why Petrobras shouldn’t return as a partner in Nigeria as soon as possible,” Tinubu said. “I appreciate President Lula’s promise that this will happen quickly.”
The agreement marks a significant shift in bilateral energy ties. In May, reports indicated Petrobras was seeking to re-enter Nigeria’s oil sector, with particular interest in frontier deepwater exploration. The company previously exited operations at Nigeria’s Agbami field.
Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications in the Office of the Vice President, noted that Petrobras had been actively engaging with Nigerian authorities in preparation for the 2025 Nigeria-Brazil Strategic Dialogue Mechanism.
During the state visit, both nations signed five Memoranda of Understanding (MoUs) covering cooperation in trade, science, diplomacy, aviation, and finance. President Tinubu also signed a Bilateral Air Services Agreement (BASA) with Brazil aimed at strengthening cultural, economic, and diplomatic ties.
“Nigeria remains a virgin land full of opportunities for Brazilian companies,” Tinubu said, highlighting potential partnerships in technology transfer, food security, manufacturing, renewable energy, and pharmaceutical production.
He praised Brazilian aerospace firm Embraer for its role in supporting Nigeria’s aviation industry, especially through the planned establishment of a maintenance and service centre to serve West Africa.
Reflecting on his earlier visits to Brazil for the G20 and BRICS summits, Tinubu stressed the need to move beyond symbolic ties toward tangible economic cooperation.
“We’ve allowed past distractions to delay progress. That ends now,” he said. “This is my third visit to Brazil, and this official state visit is especially emotional.”
Tinubu urged more collaboration between Brazil and Africa, calling Africa the “new frontier” for growth and innovation.
“We must embrace technology, research, food sovereignty, and manufacturing together. Brazil’s technological superiority must be shared with Africa,” he added.
The President also underscored the impact of Nigeria’s recent economic reforms.
“The reforms have been painful but necessary. Today, the results are showing—more money in the economy, less corruption, and a more transparent foreign exchange market,” Tinubu said.
Brazilian President Lula welcomed the revitalised partnership, stressing the importance of mutual trade and integration.
“At a time when protectionism is rising, Brazil and Nigeria reaffirm their commitment to free trade and cooperation,” Lula said. “There’s immense synergy between our nations—from agriculture and oil to aircraft and machinery.”
Lula also announced the launch of direct flights between Lagos and São Paulo, to be operated by Nigeria’s largest airline, Air Peace, under the new BASA agreement.
Following an expanded bilateral meeting at the Palácio do Planalto, both leaders witnessed the signing of several agreements and MoUs.
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos, signed the Bilateral Air Services Agreement. Ambassador Bianca Ojukwu, Nigeria’s Minister of State for Foreign Affairs, and Brazil’s Minister of Foreign Affairs, Ambassador Mauro Vieira, signed agreements on diplomatic training cooperation and political consultations to address bilateral, regional, and international issues.
Geoffrey Nnaji, Nigeria’s Minister of Innovation, Science, and Technology, and Luciana Santos, Brazil’s Minister of Science, Technology, and Innovation, signed an MoU covering biotechnology, energy, digital transformation, ocean science, space development, and raw materials research.
Additionally, Ayo Sotinrin, Managing Director of Nigeria’s Bank of Agriculture, and Aluísio Mercadante, Brazil’s Minister for the National Bank for Economic and Social Development (BNDES), signed an MoU focused on boosting agricultural financing, investment promotion, and joint trade projects.
Trade between Nigeria and Brazil totalled US$2.1 billion in 2024, with Brazil exporting nearly US$1 billion—primarily sugar and jams—and importing US$1.1 billion, mostly fertilisers.
President Tinubu concluded the day with a state luncheon hosted at the Itamaraty Palace, reaffirming both countries’ commitment to deepening cooperation and building a future defined by shared prosperity.
