President Tinubu has secured Petrobras’ return to Nigeria and signed 5 key MoUs with Brazil.
NewsOnline Nigeria reports that President Bola Tinubu has hailed the imminent return of Brazil’s state-owned oil company, Petrobras, to Nigeria five years after it halted joint venture operations in the country.
Speaking during a joint press conference with President Luiz Inácio Lula da Silva in Brasília on Monday, Tinubu described Petrobras’ comeback as a major milestone that will “reignite robust economic cooperation” in the oil and gas sector between Africa’s largest economy and South America’s biggest nation.
ALSO: Civil Rights Group Rates CJN Kekere-Ekun Low Over Lack of Judicial Reforms
“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 in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga.
5 MoUs Signed to Strengthen Ties
During the State Visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) covering trade, diplomacy, science, aviation, and finance.
Tinubu praised President Lula’s commitment to deepening bilateral relations, stressing that Nigeria remains a “virgin land full of opportunities” for Brazilian investors.
Tinubu Assures Investors on Economic Reforms
Reaffirming his administration’s reform agenda, Tinubu assured investors that Nigeria’s ongoing economic policies are yielding results.
“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. We have more money for the economy, and there will be no more corruption. In our currency market, the door is open for businesses,” the President stated.
Lula: Brazil-Nigeria Partnership is Strategic
On his part, President Lula welcomed the revitalisation of Brazil-Nigeria relations, describing both nations as “the world’s two largest countries with Black populations.”
He highlighted opportunities in agriculture, oil and gas, fertilisers, aircraft, and machinery, noting that the new partnership could redefine South-South cooperation.
Lula also announced the approval of a direct air route between Lagos and São Paulo to be operated by Nigeria’s largest carrier, Air Peace, under the Bilateral Air Services Agreement (BASA).
Backstory
Petrobras began operations in Nigeria in 1998 but divested its assets more than a decade later to offset debt. In May 2017, the company announced plans to sell up to $21 billion worth of assets, including its Nigerian oil fields, to reduce its $100 billion debt burden.
In February 2025, Petrobras confirmed it was in talks with international oil majors including ExxonMobil, Shell, and TotalEnergies about acquiring shares in African assets, setting the stage for its return to Nigeria.
