By Taiwo Oguniyi
Nigeria, Brazil – August 26, 2025
President Bola Tinubu has secured the return of Petrobras, Brazil’s state-owned oil company, to Nigeria, five years after it pulled out of the country.
Tinubu announced this on Monday during his state visit to Brazil, describing the move as a major boost for Nigeria’s gas and oil sector. He said President Luiz Inácio Lula da Silva had assured him the process would be fast-tracked.
The visit produced five Memoranda of Understanding (MoUs) covering trade, aviation, science, finance, and diplomacy. Brazilian aircraft manufacturer Embraer also confirmed plans to set up a maintenance hub in Nigeria to serve West Africa.
Tinubu said the agreements marked a shift from symbolism to action, stressing that Africa remained the “new frontier” for investment in food security, technology, renewable energy, pharmaceuticals, and manufacturing.
He also reassured investors of Nigeria’s economic reforms, saying the foreign exchange market had stabilized and businesses could now access forex freely.
President Lula, on his part, described Nigeria and Brazil as natural partners with opportunities in agriculture, oil and gas, fertilisers, and machinery. He further announced that Air Peace would soon commence direct flights between Lagos and São Paulo under a new air services pact.
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Trade between the two nations hit $2.1bn in 2024, with Brazil exporting sugar and jams worth nearly $1bn to Nigeria and importing $1.1bn, largely fertilisers.
