- Safiu Kehinde
The Minister of Finance, Wale Edun, has expressed optimism that President Bola Tinubu’s official visit to Brazil will reset Nigeria’s economic and trade relationships with the South American country.
Edun made this known while addressing newsmen in Brasilia, Brazil’s capital city, on Tuesday.
Reflecting on Tinubu’s state visit to the country, the finance minister described the visit as a historic and landmark event which, beyond the ceremonial display, marks the resetting of Nigeria-Brazil relationship.
Edun noted that both countries have experience drastic collapse in their economic and trade relationships.
According to him, the trade relationship which was about $10 billion a decade ago has reduced to $2 billion.
The minister hinted that the Brazilian President is committed to reengage Nigeria and increase the trade relationship.
“Certainly, it is a very historic and a landmark occasion which President Bola Ahmed Tinubu had an official state visit to Brazil. Full ceremonial honours were displayed.
“It was a very grand ceremony. More importantly, it is a landmark event in the sense that it all marks the resetting of the relationship between Nigeria and Brazil- the economic relationship, trade relationship, the cultural ties.
“The trade as we know, between Nigeria and Brazil was about $10 billion a decade ago.
“It has come down to $2 billion. And under President Lula da Silva, there is a commitment to reengage and boost those economic ties which will lead to an increase in trade.” Edun said.
NPO also earlier Reported Governor Uba Sani’s claim that Tinubu’s visit to Brazil may unlock $30 billion investment across key sectors of Nigeria’s economy.
According to the governor, the Memorandums of Understanding (MoUs) signed during Tinubu’s visit, particularly in agriculture, aviation, and science and technology, could significantly transform Nigeria’s economic landscape.