KEY POINTS
- Petrobras will re-enter Nigeria after a five-year absence, following Tinubu’s state visit to Brazil.
- Nigeria and Brazil signed five MoUs covering trade, energy, aviation, finance, and diplomacy.
- Tinubu pitched his economic reforms as proof of a more open market, while Lula endorsed deeper cooperation and direct Lagos–São Paulo flights.
Five years after the Brazilian state oil giant withdrew from Nigeria, President Bola Tinubu has convinced Petrobras to re-enter the West African nation. The agreement, which was finalized during Tinubu’s state visit to Brazil on Monday, represents a significant shift in the two countries’ bilateral ties between the biggest economies in Africa and Latin America.
Five memorandums of understanding covering energy, aviation, science, finance, and diplomacy were also signed under the direction of the two leaders. According to Tinubu, Nigeria is a “virgin land” of opportunity for Brazilian companies looking to expand internationally.
At a joint press conference in Brasília, Tinubu called Petrobras’ return a milestone for Nigeria’s energy sector and wider economy. “We have the largest gas repository. I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible,” the president said. His Brazilian counterpart, Luiz Inácio Lula da Silva, pledged to accelerate the company’s re-entry.
Tinubu pitches reforms as proof Nigeria is open for business
The Nigerian leader used the trip to reassure investors that his economic overhaul is stabilizing the country’s markets. Since taking office in May 2023, Tinubu has removed fuel subsidies, floated the naira, and curbed preferential access to foreign exchange. The early months were painful, he acknowledged, but he insisted the reforms are now paying off.
“It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption,” Tinubu said, pointing to a more transparent FX market under Central Bank Governor Olayemi Cardoso.
Lula, for his part, framed the renewed partnership as an answer to growing global protectionism. “Nigeria and Brazil reaffirm their bet on free trade and productive integration,” he said. “Agriculture, oil and gas, fertilisers, and aviation represent wide avenues for cooperation.”
The two governments also approved a direct Lagos–São Paulo flight to be operated by Nigeria’s largest carrier, Air Peace, in a bid to boost trade and tourism flows.
