President Bola Tinubu has welcomed the planned return of Brazil’s state-owned oil company, Petrobras, to Nigeria after a five-year absence, calling it an important step toward closer economic ties between the two countries.
Speaking during a joint press conference in Brasília on his official visit to Brazil, Tinubu said that Petrobras’ renewed presence would help strengthen Nigeria’s energy sector and attract new investment opportunities.
Highlighting Nigeria’s vast gas reserves, he expressed confidence that Petrobras would quickly re-establish itself as a key partner and thanked Brazilian President Luiz Inácio Lula da Silva for supporting this move.
He praised Lula’s commitment to improving bilateral relations and noted that Nigeria remains a fertile ground for Brazilian companies seeking strategic partnerships.
Tinubu also acknowledged Embraer, the Brazilian aircraft manufacturer, for its ongoing investment in Nigeria’s aviation industry, especially the plan to set up a West African hub for airline repairs and maintenance.
Reflecting on past visits, he emphasized the need to move beyond symbolic gestures and focus on tangible economic cooperation between Nigeria and Brazil.
The president pointed out key areas for collaboration, including technology transfer, food security, manufacturing, renewable energy, healthcare, and pharmaceuticals.
He encouraged Brazil to share its expertise, such as the production of generic drugs, to help Nigeria grow while maintaining sovereignty and self-reliance.
Domestically, Tinubu assured investors that his administration’s economic reforms are yielding results, with more resources flowing into the economy and corruption being addressed.
He also highlighted that Nigeria’s foreign exchange market has been liberalized, making it easier for businesses to access funds without unnecessary barriers.
During the state visit, Nigeria and Brazil signed five Memoranda of Understanding covering trade, diplomacy, science, aviation, and finance, marking a new chapter in the countries’ economic cooperation.
