Tinubu Welcomes Petrobras’ Return, Signs 5 MoUs with Brazil

President Bola Ahmed Tinubu has welcomed the planned return of Petrobras, Brazil’s state-owned oil company, to Nigeria after a five-year absence, calling it a step toward deeper economic collaboration between the two nations.

Speaking during a joint press conference in Brasília as part of his state visit to Brazil, Tinubu said Petrobras’ return would significantly strengthen Nigeria’s energy sector while creating new investment opportunities.

“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 said.

He emphasized that Nigeria remains a strategic investment ground, praising Brazilian President Luiz Inácio Lula da Silva for his commitment to reviving bilateral ties.

“Our economic space is still a virgin land filled with opportunities for Brazilian companies,” he added.

Tinubu also acknowledged Embraer, Brazil’s aircraft manufacturer, for supporting Nigeria’s aviation sector, including establishing a West African service center for aircraft maintenance and repairs.

Recalling past visits to Brazil, Tinubu urged both nations to move from symbolic friendship to tangible cooperation.

“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 urged Brazil to share expertise with Nigeria in technology transfer, food security, renewable energy, healthcare, pharmaceuticals, and manufacturing.

“I don’t see why the production of generic drugs, which Brazil has mastered, cannot be established in Nigeria,” Tinubu added.

Tinubu also reassured investors that Nigeria’s economic reforms are already taking hold.

“The reforms I initiated when I assumed office were tough at first, but today the results are clear. We now have more resources flowing into the economy, and corruption will no longer stand in the way,” he declared.

He noted that the foreign exchange market has been liberalized, making access easier for businesses:

“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.”

The visit concluded with the signing of five Memoranda of Understanding (MoUs) between Nigeria and Brazil in the areas of:

• Commerce

• Diplomacy

• Science

• Aviation

• Finance