Petrobras Returns to Nigeria as Tinubu and Lula Sign Five Major Agreements

Brazil’s state-owned oil company Petrobras will resume operations in Nigeria five years after leaving the country, following the signing of five strategic agreements between Nigeria and Brazil. The deals cover trade, diplomacy, science, aviation, and finance cooperation.

The announcement came during President Bola Tinubu’s state visit to Brazil, where he met with Brazilian President Luiz Inácio Lula da Silva in Brasília. Tinubu said Petrobras’ return would restart economic cooperation in the energy sector between the two countries.

“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,” Tinubu said at a joint press conference.

Tinubu praised Lula’s commitment to revitalising the partnership between the two countries, describing Nigeria’s economy as full of opportunities for Brazilian companies. He also commended Brazilian aircraft manufacturer Embraer for its growing presence in Nigeria, particularly its plans to establish a regional service hub.

The Nigerian president emphasised the need to move beyond symbolic relationships to concrete economic cooperation. He said both countries had allowed past problems to prevent progress but declared that era was now over.

“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,” Tinubu said.

Tinubu highlighted Nigeria’s readiness to partner with Brazil on technology transfer, food security, manufacturing, and renewable energy. He described Africa as the new frontier and stressed the importance of embracing it with technology, fast development, research, and manufacturing.

The president also called for investment and knowledge exchange in healthcare and pharmaceuticals, questioning why Brazil’s deep experience in manufacturing generic drugs could not be replicated in Nigeria. He said Brazil’s technological superiority should be shared with Africa.

On domestic reforms, Tinubu assured Brazilian investors that Nigeria’s economic transformation is producing results. He said the reforms he implemented since taking office were initially painful but are now showing positive outcomes.

“It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption. You don’t have to know him before getting the foreign exchange you need. The speculators are out. In our currency market, the door is open for businesses,” Tinubu said, referring to changes in Nigeria’s foreign exchange system.

The five memoranda of understanding signed during the visit are expected to strengthen cooperation between Nigeria and Brazil across multiple sectors, marking a significant step in renewed partnership between Africa’s most populous nation and South America’s largest economy.