BRASÍLIA — President Bola Tinubu on Monday announced the planned return of Petrobras, Brazil’s state-owned oil giant, to Nigeria after a five-year break, describing it as a major boost for Nigeria’s energy sector and a milestone in strengthening economic ties between both nations.
Speaking at a joint press conference with Brazilian President Luiz Inácio Lula da Silva during his state visit to Brazil, Tinubu said Petrobras’ renewed presence would open fresh opportunities for investment in Nigeria.
“We have the largest gas reserves, so I don’t see why Petrobras should not quickly re-establish itself as a partner in Nigeria. I appreciate President Lula’s assurance that this will happen soon,” Tinubu stated.
The president commended Lula’s commitment to revitalising bilateral relations, stressing that Nigeria remained a fertile ground for strategic partnerships. “Our economic space is still a virgin land filled with opportunities for Brazilian companies,” he added.
Tinubu also highlighted the role of Brazilian aircraft manufacturer Embraer in Nigeria’s aviation sector, particularly its ongoing investment in establishing a West African hub for airline repairs and maintenance.
Recalling previous engagements with Brazil, the Nigerian leader insisted both countries must now move from “symbolic friendship” to tangible collaboration. “We have in the past allowed certain obstacles to derail our progress, but today we draw a line under that. The future must be about concrete collaboration,” he said.
He listed priority areas for cooperation, including technology transfer, food security, manufacturing, renewable energy, healthcare, and pharmaceuticals. “I don’t see why the production of generic drugs, which Brazil has mastered, cannot be established in Nigeria,” Tinubu noted.
On Nigeria’s domestic economy, the president assured investors that his administration’s reforms were already yielding results. He pointed to increased resources, a liberalised forex market, and reduced corruption. “You no longer need to know the Central Bank Governor before getting forex. The speculators are gone, and the market is open for genuine businesses,” Tinubu said.
The state visit culminated in the signing of five Memoranda of Understanding (MoUs) between Nigeria and Brazil, covering trade, diplomacy, science, aviation, and finance — a development both leaders hailed as the beginning of a new chapter in bilateral cooperation.
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