President Bola Tinubu on Monday announced the imminent return of Petrobras, Brazil’s state-owned oil company, to Nigeria—five years after it suspended joint venture operations in the country.
Speaking at a joint press conference in Brasília during his state visit to Brazil, Tinubu said the company’s comeback would strengthen energy cooperation between both 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.
The President commended his Brazilian counterpart, Luiz Inácio Lula da Silva, for his commitment to revitalising bilateral ties, stressing that Nigeria remained fertile ground for investment.
“Our economic space remains a virgin land, full of opportunities for Brazilian companies,” he noted.
Tinubu also acknowledged Embraer’s ongoing contribution to Nigeria’s aviation sector through plans for a West African service centre dedicated to airline repairs and maintenance.
Reflecting on past engagements with Brazil, the Nigerian leader urged both countries to move beyond symbolic relations to concrete economic cooperation in sectors such as technology transfer, food security, manufacturing, renewable energy, healthcare, and pharmaceuticals.
“I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria,” Tinubu stated, emphasising knowledge-sharing as vital for sovereignty and growth.
He further assured investors that Nigeria’s ongoing economic reforms were already yielding results.
“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, but today the result is blossoming. We have more money for the economy, and there will be no more corruption,” he declared.
On Nigeria’s foreign exchange market, Tinubu noted that access had been liberalised. “You don’t have to know the Central Bank Governor before getting forex. The speculators are out. The door is open for businesses,” he said.
During the visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) covering trade, diplomacy, science, aviation, and finance.
