Tinubu Welcomes Petrobras Back as Nigeria–Brazil Ties Deepen

President Bola Tinubu says Brazil’s state-run oil giant Petrobras should return to Nigeria “as soon as possible.”

He made the statement during a joint press conference with Brazilian President Luiz Inácio Lula da Silva in Brasília, as part of a two-day state visit.

“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 be done quickly.”

Petrobras first entered Nigeria in 1998, operating deepwater blocks in the Niger Delta. It exited five years ago, citing financial restructuring.

Now, Nigeria wants the company back.

Energy, Aviation, and Trade Agreements Signed

During the visit, Nigeria and Brazil signed five Memoranda of Understanding covering trade, energy, aviation, science, and finance.

One of the deals includes a partnership with Brazilian aircraft manufacturer Embraer to establish a service hub in Nigeria for airline repairs.

Air Peace will also launch a direct flight route between Lagos and São Paulo, boosting connectivity between Africa and Latin America.

“From new direct flights to joint work in technology, food security, and clean energy, we are opening fresh horizons together,” Tinubu said.

Minister of Industry, Trade and Investment, Jumoke Oduwole, said Nigeria hopes to finalise a deal with Petrobras before the end of the year.

“The two presidents are talking—whatever it’s going to take to make sure that Petrobras is encouraged to come back. We want that investment back in Nigeria,” she told Reuters.

Nigeria’s Reforms and Global South Strategy

Tinubu said his economic reforms are already yielding results.

“The reforms I initiated were tough at first, but today the results are clear. We now have more resources flowing into the economy, and corruption will no longer stand in the way,” he declared.

He also noted that Nigeria’s foreign exchange market had been liberalised.

“You no longer need to know the Central Bank Governor before getting forex. The speculators are gone, and the market is open for genuine businesses,” Tinubu added.

Oduwole said Nigeria is targeting investors from the Global South, including Brazil, India, and China.

“We’re looking for particular types of investors,” she said.

Petrobras has not confirmed its return but is reportedly in talks with ExxonMobil, Shell, and TotalEnergies to buy stakes in African assets.

Nigeria is Brazil’s 49th largest export destination, with bilateral trade reaching nearly $2.1 billion in 2024. Brazil exported sugar and jams worth $1 billion, while Nigeria sent back ₦1.1 billion in fertilisers.

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