- President Tinubu welcomed Petrobras’ return to Nigeria after five years, aiming to boost energy sector cooperation with Brazil.
- He highlighted expanded bilateral opportunities in technology, manufacturing, renewable energy, healthcare, and aviation, supported by five new MoUs.
President Bola Tinubu on Monday, August 25, welcomed the imminent return of Brazil’s state-owned oil company Petrobras to Nigeria, five years after it suspended joint venture operations, saying the move would strengthen energy cooperation between the two countries.
At a joint press conference with Brazilian President Luiz Inácio Lula da Silva, Tinubu said Nigeria’s large gas reserves make the country an ideal partner for Petrobras. He praised Lula’s commitment to fast-tracking the company’s re-entry.
Tinubu highlighted Brazil as a key investment partner for Nigeria and called for deeper economic cooperation beyond symbolic ties. He pointed to opportunities in 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,” he said, adding that knowledge-sharing was crucial for both countries’ sovereignty and growth.
The president also noted progress from Nigeria’s economic reforms, including anti-corruption measures and the liberalisation of the foreign exchange market. “You don’t have to know the Central Bank Governor to access forex. Speculators are out. The door is open for business,” he said.
Tinubu acknowledged Embraer’s ongoing role in strengthening Nigeria’s aviation sector, including establishing a regional service centre for aircraft maintenance.
During the visit, Nigeria and Brazil signed five Memoranda of Understanding covering trade, diplomacy, science, aviation, and finance.