There are plans to make the Brazilian multinational energy company Petrobas return to Nigeria, after it halted its joint venture operations in the country five years ago.
This development surely delights President Bola Tinubu who on Monday welcomed Petrobras’s imminent return to Nigeria.
A statement by the Special Adviser to the President (Information & Strategy), Bayo Onanuga, said, at a joint press conference in Brasília during his state visit to Brazil, President Tinubu said Petrobras’ return would reignite economic cooperation in the energy sector between the two countries.
“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.
The statement further said during the state visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) to strengthen trade, diplomacy, science, aviation, and finance cooperation.
According to the statement, President Tinubu praised President Lula’s commitment to revitalising the partnership between the two countries, noting that Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies.
He was also said to have acknowledged Embraer’s efforts in addressing the critical challenges of local airline operations in Nigeria, primarily through establishing a Service Centre to serve as a hub for the subregion in essential repairs and maintenance of its ever-increasing fleet in Nigeria.
The statement said President Tinubu recalled his previous engagements in Brazil and emphasised the urgency of moving beyond symbolic ties to concrete economic cooperation.
“Honourable Ministers of both countries, members of the Brazil Business Group, I have listened carefully to my friend, President Lula. We had a lengthy discussion. We talked about history and about African and Brazilian heritage.
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“We tried to see why we are not at the level we wanted. We have allowed some problems and activities in the past to deter us from making progress and fulfilling our promises. But today we say that is the end of that.
“This is my third visit to the country. First, the visit to attend the G20. Second, on climate change, BRICS. And today, an official and state visit was very emotional,” Tinubu said.
According to Onanuga, Tinubu also underscored Nigeria’s readiness to partner with Brazil on technology transfer, food security, manufacturing, and renewable energy.
“Today, we are fighting and working hard to bring our sovereignty to the level of expectation that we as a nation, the most populous, the most dynamic country, Nigeria, share with Brazil. We need to share—technology transfer, energy, economy—so that Brazil can continue to widen the opportunities for us to embrace Africa. Africa is the new frontier.
”There is no other way to do it than to embrace it with technology, fast development, research, food sovereignty, and manufacturing,” he said.
The Nigerian leader also stressed the need for investment and knowledge exchange on healthcare and pharmaceuticals.
He said, “We have elevated this promise to the path of reality, as you have seen in various MOUs. I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria.
“I don’t see why the technological superiority of Brazil is not shared with Africa. We assured each other that only we can develop our economies to help our sovereignty.”
The President, the statement said, assured investors that Nigeria’s economic reforms 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.
”It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption. We have the governor of the Central Bank of Nigeria here. You don’t have to know him before getting the foreign exchange you need. The speculators are out. In our currency market, the door is open for businesses,” he said.
President Lula on his own part, welcomed the restart of the Brazil-Nigeria relationship.
“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration. We continue to be dedicated to building a world of peace, free from hegemonic impositions.
“There are many possibilities for synergy between the world’s two largest countries with Black populations. Agriculture and livestock, oil and gas, fertilisers, aircraft, and machinery, among others, represent wide avenues for cooperation.”
