Abuja, Nigeria – The Brazilian state-owned oil company, Petrobras, is set to resume operations in Nigeria after a five-year absence. The announcement was made following the signing of five strategic Memoranda of Understanding (MoUs) between Nigeria and Brazil aimed at strengthening cooperation in trade, diplomacy, science, aviation, and finance.
The agreement was reached during Nigerian President Bola Tinubu’s state visit to Brazil, where he met with his Brazilian counterpart, Luiz Inácio Lula da Silva. At a joint press conference in Brasília, President Tinubu said Petrobras’ return would revitalise economic cooperation in the energy sector.
“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,” Tinubu said. He praised President Lula’s commitment to the partnership, stating that Nigeria’s economy is a “virgin land” full of opportunities for Brazilian companies.
President Tinubu also commended the Brazilian aircraft manufacturer, Embraer, for its plans to establish a regional service hub in Nigeria to support the country’s growing airline industry. He stressed the need for both nations to move from symbolic ties to concrete economic cooperation, particularly in areas like technology transfer, food security, and renewable energy.
Addressing Brazilian investors, President Tinubu assured them that his economic reforms were yielding positive results. He stated that the painful reforms have led to a more transparent and efficient system, with more money available for the economy and reduced corruption.
Add Comment