Petrobras Prepares Historic Return to Nigeria After Five-Year Absence
Nigeria and Brazil have formalized their renewed energy partnership through five comprehensive memoranda of understanding, paving the way for Brazilian state-owned oil company Petrobras to resume operations in Nigeria after a five-year hiatus. The agreements, signed during a joint press conference in Brasília, cover extensive cooperation in trade, energy, aviation, science, and finance. President Bola Tinubu expressed strong confidence that Petrobras’s return will significantly boost Nigeria’s oil and gas production capabilities.
“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,” President Tinubu stated, praising President Luiz Inácio Lula da Silva’s commitment to expediting the partnership.
The comprehensive agreements include collaborations on biotechnology, ocean science, energy innovation, and digital transformation. Aviation cooperation will see Air Peace operate direct flights between Lagos and São Paulo, strengthening people-to-people connections. President Tinubu emphasized Nigeria’s transformation into an attractive investment destination, citing successful economic reforms that have stabilized the currency market and eliminated speculative activities. He highlighted opportunities for Brazilian companies in technology transfer, food security, manufacturing, and renewable energy sectors.
Trade between the nations reached nearly $2.1 billion in 2024, with Nigeria serving as Brazil’s 49th largest export destination. Brazil exported almost $1 billion to Nigeria, primarily sugar and jams, while importing $1.1 billion in fertilizers. The renewed partnership represents a significant milestone for both nations, with Nigeria positioning itself as Africa’s gateway for Brazilian expansion while Brazil offers advanced technological expertise and financial capabilities.
Source: energycapitalpower.com, orientalnewsng.com
