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)