President Bola Tinubu has announced a new era of economic cooperation between Nigeria and Brazil during a state visit, welcoming the imminent return of Brazil’s state-owned oil company, Petrobras, to Nigeria.
The visit culminated in the signing of five strategic Memoranda of Understanding (MoUs) designed to strengthen diplomatic and economic relations.
At a joint press conference with Brazilian President Luiz Inácio Lula da Silva, Tinubu emphasised the potential for collaboration, particularly in the energy sector, citing Nigeria’s vast gas resources.
He expressed his appreciation for Lula’s commitment to ensuring Petrobras’s swift return after a five-year hiatus.
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Tinubu praised his Brazilian counterpart’s efforts to revitalise the partnership, describing Nigeria’s economy as a “virgin land, full of opportunities” for Brazilian businesses.
He acknowledged the contributions of Brazilian aircraft manufacturer Embraer in supporting Nigerian airlines and noted the importance of moving from symbolic ties to tangible economic cooperation.
In the aviation sector, the Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos, formalised a Bilateral Air Services Agreement (BASA).
Lula confirmed that the deal would allow Nigeria’s largest airline, Air Peace, to commence direct flights between Lagos and São Paulo, a move expected to strengthen trade links and foster cultural exchange.
In foreign affairs, Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu, and Brazil’s Foreign Minister, Ambassador Mauro Vieira, signed an agreement on Diplomatic Training Cooperation alongside a Memorandum of Understanding (MoU) on political consultations.
On science and technology, an MoU was signed between Nigeria’s Minister of Innovation, Science, and Technology, Geoffrey Nnaji, and Brazil’s Minister of Science, Technology, and Innovation, Luciana Santos.
The agreement covers cooperation in areas such as biotechnology, the bioeconomy, and digital transformation.
In agriculture and finance, the Managing Director of Nigeria’s Bank of Agriculture, Ayo Sotinrin, and Brazil’s Minister for the National Bank for Economic and Social Development, Aluísio Mercadante, signed an MoU aimed at expanding agricultural financing and encouraging trade and investment between both nations.
Tinubu assured investors that his administration’s economic reforms, though initially painful, are now yielding positive results and creating a more transparent and corruption-free business environment.
Lula echoed these sentiments, reaffirming the two countries’ commitment to free trade and productive integration.
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Currently, Nigeria is Brazil’s 49th largest export market, with total trade reaching nearly US$2.1 billion in 2024.
Brazil’s primary exports to Nigeria are sugar and jams, while its imports are mainly fertilisers.
