President Bola Ahmed Tinubu on Monday welcomed the imminent return of Petrobras, Brazil’s state-owned oil firm, Petrobras which is returning to Nigeria after a five-year exit, following the signing of five strategic MoUs between both countries.
The agreements which covers trade, diplomacy, science, aviation, and finance, is aimed at deepening bilateral cooperation between the two countries.
Speaking at a joint press conference in Brasilia during his state visit to Brazil, President Tinubu said Petrobras come back would reignite economic cooperation in the energy sector between both nations.
Tinubu commended his Brazilian counterpart, Luiz Inacio Lula da Silva, for his commitment to revitalizing bilateral ties, stressing that Nigeria remained a fertile ground for investment.
The President assured investors that Nigeria’s economic reforms were yielding positive results.
The agreement marks a significant shift in bilateral energy ties. In May, reports indicated Petrobras was seeking to re-enter Nigeria’s oil sector, with particular interest in frontier deep water exploration. The company previously exited operations at Nigeria’s Agbami field.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, noted that Petrobras had been actively engaging with Nigerian authorities in preparation for the 2025 Nigeria -Brazil Strategic Dialogue Mechanism.
During the state visit both nations signed five Memorandum of Understanding (MoUs) covering cooperation in trade, science, diplomacy, aviation, and finance.
President Tinubu also signed a Bilateral Air Services Agreement (BASA) with Brazil aimed at strengthening cultural, economic, and diplomatic ties.
Reflecting on the earlier visits to Brazil for the G20 and BRICS Summits, Tinubu stressed the need to move beyond symbolic ties toward tangible economic cooperation.
“We’ve allow past distractions to delay progress. That ends now”, he said. “That is my third visit to Brazil, and this official visit is especially emotional”.
President Tinubu urged more collaboration between Brazil and Africa the “new frontier” for growth and Innovation.
“We must embrace technology, research, food sovereignty, and manufacturing together. Brazil’s technology superiority must be shared with Africa”, he added.
The President over scored the impact of Nigeria’s recent economic reforms.
“The reforms have been painful but necessary. Today, the results are showing – more money in the economy, less corruption, and more transparent foreign exchange market”, Tinubu said.
Brazilian President Lula da Silva, welcomed the revitalized partnership, stressing the importance of mutual trade and Integration.
-9News Nigeria.
