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Tinubu returns after Japan, Brazil trips

President Bola Ahmed Tinubu returned to Abuja around 1:20am on Thursday after concluding a three-day state visit to Brazil that yielded a raft of bilateral agreements and high-level engagements aimed at deepening Nigeria’s economic and diplomatic ties with South America’s largest economy.

The President, who arrived aboard the presidential jet, was received at the Presidential Wing of the Nnamdi Azikiwe International Airport by a high-powered delegation of political leaders and senior government officials.

Among those present were Governors Caleb Mutfwang (Plateau); Uba Sani (Kaduna); Hope Uzodinma (Imo) and AbdulRahman AbdulRazaq (Kwara).

Also on hand to welcome the President were Speaker of the House of Representatives, Tajudeen Abbas; Deputy Senate President, Barau Jibrin; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser, Nuhu Ribadu; and some Ministers, including Nyesom Wike (FCT); Abubakar Atiku Bagudu (Budget and Economic Planning) and Bello Matawalle (Defence, State).

President Tinubu’s visit to Brazil was marked by the signing of five Memoranda of Understanding (MoUs) covering aviation, trade, science, diplomacy, and finance. 

At a joint press conference in Brasília, he welcomed the imminent return of Petrobras, Brazil’s state-owned oil giant, to Nigeria—five years after it halted its joint ventures. 

“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,” he said.

The agreements also included a Bilateral Air Services Agreement, paving the way for direct flights between Lagos and São Paulo, to be operated by Air Peace. 

Other MoUs targeted political consultations, scientific collaboration, and agricultural financing through Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development.

Beyond the MoUs, President Tinubu underscored his administration’s economic reforms, assuring Brazilian investors of a stable, transparent financial climate. 

He cited Nigeria’s capital market growth as evidence of renewed investor confidence and pledged continued reforms to “unlock capital, protect investors, and drive innovation.”

In a meeting with Nigerians in Brazil, Tinubu called on the diaspora to contribute actively to nation-building, pledging technology-driven development and food security as the pillars of a prosperous future. 

“We must bring Nigeria to the forefront of Africa’s progress, driven by technology, food sovereignty, and the courage to change our destiny,” he told the gathering.

The visit, which featured red-carpet honours, bilateral meetings with President Luiz Inácio Lula da Silva, and cultural engagements, signalled what both leaders described as a new era in Nigeria–Brazil relations.

Tinubu’s state visit to Brazil was preceded by his participation at the recently concluded ninth edition of the Tokyo International Conference on African Development (TICAD9). (Nation)

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Tinubu, Lula sign five MoUs as Petrobras returns to Nigeria

Brazilian state-owned oil giant Petrobras is set to resume operations in Nigeria five years after it exited joint venture activities in the country, following the signing of five strategic Memoranda of Understanding (MoUs) between Nigeria and Brazil to strengthen trade, diplomacy, science, aviation, and finance cooperation.

The announcement was made during President Bola Tinubu’s State Visit to Brazil, where he met with Brazilian President Luiz Inácio Lula da Silva.

President Tinubu at a joint press conference in Brasília said 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,” Tinubu said.

Tinubu praised President Lula’s commitment to revitalising the partnership between the two countries, noting that Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies.

He also praised Brazilian aircraft manufacturer Embraer for its growing footprint in Nigeria, particularly its plans to establish a regional service hub to support the country’s growing airline industry.

Tinubu recalled his previous engagements in Brazil and emphasised the urgency of moving beyond symbolic ties to concrete economic cooperation.

He said; “Honourable Ministers of both countries, members of the Brazil Business Group, I have listened carefully to my friend, President Lula. We had a lengthy discussion. We talked about history and about African and Brazilian heritage.

“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.”

Tinubu also noted Nigeria’s readiness to partner with Brazil on technology transfer, food security, manufacturing, and renewable energy.

He added; “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.”

The president also stressed the need for investment and knowledge exchange on healthcare and pharmaceuticals, stating that “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.”

On domestic reforms, Tinubu assured Brazilian investors that Nigeria’s economic transformation is yielding results, noting that “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 added. (Guardian)

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Brazil vows to match US tariffs after Trump threatens 50% levy

Brazilian President Luiz Inácio Lula da Silva has said he is ready to match any tariffs imposed on Brazil by the United States.

Lula was responding to Wednesday’s threat by his US counterpart, Donald Trump, to impose a 50% import tax on Brazilian goods from 1 August.

In a letter, Trump cited Brazil’s treatment of former President Jair Bolsonaro as a trigger for tariff-hike.

Bolsonaro is currently on trial for allegedly attempting to stage a coup against Lula after being defeated by him in the 2022 election.

Trump referred to Bolsonaro as “a highly respected leader throughout the world”. “This Trial should not be taking place,” he wrote, calling on Brazil to immediately end the “witch hunt” against the former president.

Trump’s support for Bolsonaro does not come as a surprise as the two men have long been considered allies.

The US president had already slammed Brazil for its treatment of Bolsonaro on Monday, comparing it to the legal cases he himself had faced in US courts.

The 50% tariff threat was met with a robust and lengthy response by President Lula.

In a post on X, he stressed that Brazil was “a sovereign country with independent institutions and will not accept any tutelage”.

The Brazilian leader also announced that “any unilateral tariff increases” would be met with reciprocal tariffs imposed on US goods.

The US is Brazil’s second-largest trade partner after China, so the hike from a tariff rate of 10% to an eye-watering 50% – if it comes into force – would hit the South American nation hard.

But Lula also made a point of challenging Trump’s assertion that the US had a trade deficit with Brazil, calling it “inaccurate”.

Lula’s rebuttal is backed up by US government data, which suggests the US had a goods trade surplus with Brazil of $7.4bn (£5.4bn) in 2024.

Brazil is the US’s 15th largest trading partner and among its main imports from the US are mineral fuels, aircraft and machinery.

For its part, the US imports gas and petroleum, iron, and coffee from Brazil.

Brazil was not the only country Trump threatened with higher tariffs on Wednesday.

Japan, South Korea and Sri Lanka were among 22 nations which received letters warning of higher levies.

But the letter Trump sent to his Brazilian counterpart was the only one focussing matters beyond alleged trade deficits.

As well as denouncing the treatment of ex-President Bolsonaro, Trump slammed what he said were “secret and unlawful censorship orders to US social media platforms” which he said Brazil had imposed.

Trump Media, which operates the US president’s Truth Social platform and is majority-owned by him, is among the US tech companies fighting Brazilian court rulings over orders suspending social media accounts.

Lula fought back on that front too, justifying the rulings by arguing that “Brazilian society rejects hateful content, racism, child pornography, scams, fraud, and speeches against human rights and democratic freedom”. (BBC)