- Safiu Kehinde
President Bola Tinubu has on Monday urged Brazil’s state-owned oil company, Petrobras, to return to Nigeria after five years since it halted its joint venture operations.
Tinubu made the plea at a joint press conference in Brasília during his State Visit to Brazil.
As disclosed in a statement issued on Tuesday by his Special Adviser on Information and Strategy, the President maintained that Petrobras’ return would reignite 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,” he said.
Tinubu further lauded Brazilian President for his commitment to revitalising the partnership between the two countries.
He noted that Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies.
Tinubu recalled his previous engagements in Brazil and emphasised the urgency of moving beyond symbolic ties to concrete economic cooperation.
“We tried to see why we are not at the level we wanted. We have allowed some problems and activities in the past to deter us from making progress and fulfilling our promises. But today we say that is the end of that.
“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.” He said.
Highlighting the areas of cooperation, the President underscored Nigeria’s readiness to partner with Brazil on technology transfer, food security, manufacturing, and renewable energy.
“Today, we are fighting and working hard to bring our sovereignty to the level of expectation that we as a nation, the most populous, the most dynamic country, Nigeria, share with Brazil.
“We need to share—technology transfer, energy, economy—so that Brazil can continue to widen the opportunities for us to embrace Africa. Africa is the new frontier.
”There is no other way to do it than to embrace it with technology, fast development, research, food sovereignty, and manufacturing.” He said.
The President stressed the need for investment and knowledge exchange on healthcare and pharmaceuticals.
“We have elevated this promise to the path of reality, as you have seen in various MOUs. I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria.
“I don’t see why the technological superiority of Brazil is not shared with Africa. We assured each other that only we can develop our economies to help our sovereignty.” Tinubu said.
The President assured investors that Nigeria’s economic reforms are 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.
“It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption. We have the governor of the Central Bank of Nigeria here.
“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,” he said.
On his part, President Lula welcomed the restart of the Brazil-Nigeria relationship, noting that there are many possibilities for synergy between the world’s two largest countries with Black populations.
“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration. We continue to be dedicated to building a world of peace, free from hegemonic impositions.
“There are many possibilities for synergy between the world’s two largest countries with Black populations. Agriculture and livestock, oil and gas, fertilisers, aircraft, and machinery, among others, represent wide avenues for cooperation”. Lula said.
He spoke further on the BASA agreement: “Increasing the direct connections between Nigeria and Brazil is another essential step to strengthen the ties between our societies.
“We have approved the launch of a direct flight, to be operated by Nigeria’s largest airline company, Air Peace, between Lagos and São Paulo”.
Following a two-hour expanded bilateral meeting, the two leaders witnessed the signing of agreements and MOUs at the Palácio do Planalto in Brasília.
According to Onanuga, Nigeria is Brazil’s 49th largest export destination, with trade totaling nearly US$2.1 billion in 2024.
Brazil also exported almost US$1 billion to Nigeria, primarily sugar and jams, and imported US$1.1 billion, mostly fertilisers.