Tinubu Secures Petrobras’ Return to Nigeria, Signs Landmark Nigeria–Brazil Trade and Energy Agreements
President Bola Tinubu has announced the imminent return of Brazil’s state-owned oil giant Petrobras to Nigeria, five years after the company halted its joint venture operations. Speaking at a joint press conference during his State Visit to Brazil on Monday, Tinubu described Petrobras’ comeback as a “milestone” that would reignite economic cooperation in Nigeria’s oil and gas sector.
Highlighting Nigeria’s abundant natural gas reserves, Tinubu said the country presents “enormous opportunities” for Petrobras. “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,” he stated, adding that Brazilian President Luiz Inácio Lula da Silva has pledged to facilitate the return promptly.
During the state visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) aimed at deepening collaboration in trade, aviation, finance, science, and diplomatic relations. Tinubu emphasized that the agreements signal a renewed commitment to strengthen bilateral ties, while assuring investors that Nigeria’s ongoing economic reforms are producing measurable results.
President Lula welcomed the restart of the Brazil-Nigeria partnership, citing opportunities across sectors including agriculture, livestock, oil and gas, fertilizers, aircraft, and machinery. He also highlighted the launch of a direct flight between Lagos and São Paulo, operated by Air Peace, as part of the Bilateral Air Services Agreement (BASA), aimed at boosting connectivity and trade between the two nations.
Petrobras’ return marks a strategic shift after the company’s 2017 decision to divest $21 billion in assets, including Nigerian oil fields, due to mounting debt. The firm, which began operations in Nigeria in 1998, has been exploring a re-entry into African markets, negotiating with partners such as ExxonMobil, Shell, and TotalEnergies to acquire stakes in regional assets.
Source: Nairametrics