Segun Atanda/
President Bola Ahmed Tinubu on Monday lauded the imminent return of Petrobras, Brazil’s state-owned oil giant, to Nigeria, describing it as a major step toward deepening economic cooperation between the two countries.
The announcement came during a joint press conference with Brazilian President Luiz Inácio Lula da Silva in Brasília, as part of President Tinubu’s State Visit to Brazil. Petrobras suspended its Nigerian operations five years ago.
“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,” Tinubu declared. “I appreciate President Lula’s promise that this will be done as soon as possible.”
At the Palácio do Planalto, both leaders witnessed the signing of five Memoranda of Understanding (MoUs) covering diplomacy, aviation, science and technology, agriculture, and finance.
Nigeria’s Minister of Aviation, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos, signed a Bilateral Air Services Agreement, paving the way for Air Peace to launch direct flights between Lagos and São Paulo.
Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu, and her Brazilian counterpart, Ambassador Mauro Vieira, signed agreements on Diplomatic Training Cooperation and Political Consultations.
Nigeria’s Minister of Innovation, Science and Technology, Geoffrey Nnaji, and Brazil’s Minister of Science, Technology and Innovation, Luciana Santos, signed an MoU on biotechnology, renewable energy, space development, and digital transformation.
Managing Director of Nigeria’s Bank of Agriculture, Ayo Sotinrin, and Brazil’s BNDES chief, Aluísio Mercadante, signed a pact on trade and investment promotion, with a focus on agricultural financing.
Tinubu emphasized Nigeria’s readiness to move beyond symbolic ties, urging Brazil to seize opportunities in Africa’s largest economy. He pointed to reforms his administration has undertaken since 2023, assuring investors of transparency and stability.
“The reforms I’ve embarked upon have been impactful. It was initially painful, but today the result is blossoming. The speculators are out. In our currency market, the door is open for businesses,” Tinubu said.
He also urged Brazil to share its technological advancements in pharmaceuticals, manufacturing, and agriculture with Nigeria, stressing that Africa remains the new frontier for global growth.
President Lula echoed Tinubu’s sentiments, stressing that Nigeria and Brazil—home to the world’s two largest Black populations—share natural synergies.
“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration,” Lula said. “There are many possibilities for cooperation—agriculture, oil and gas, fertilisers, aircraft, and machinery.”
The bilateral meeting was followed by a state luncheon at Brazil’s Itamaraty Palace, where both leaders reiterated their commitment to advancing mutual prosperity.
Trade between Nigeria and Brazil reached nearly $2.1 billion in 2024, with Nigeria exporting fertilisers worth $1.1 billion and importing almost $1 billion in sugar and jams from Brazil.
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