Tinubu welcomes Petrobras’ planned return to Nigeria after five-year exit
President Bola Tinubu on Monday hailed the planned return of Petrobras, Brazil’s state-owned oil giant, to Nigeria after a five-year hiatus, describing it as a step toward deeper economic cooperation between both nations.
Speaking at a joint press conference in Brasília during his state visit to Brazil, Tinubu said Petrobras’ renewed presence would strengthen Nigeria’s energy sector and open fresh opportunities for investment.
“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.
The president praised his Brazilian counterpart, Luiz Inácio Lula da Silva, for his commitment to revitalising bilateral ties, stressing that Nigeria remained a fertile ground for strategic partnerships.
“Our economic space is still a virgin land filled with opportunities for Brazilian companies,” Tinubu added.
He also acknowledged Brazilian aircraft manufacturer Embraer’s ongoing investment in Nigeria’s aviation industry, particularly the establishment of a service hub for airline repairs and maintenance in West Africa.
Recalling previous visits to Brazil, Tinubu said both countries must now move beyond symbolic friendship to tangible economic 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 stated.
Pointing out priority areas such as technology transfer, food security, manufacturing, renewable energy, healthcare, and pharmaceuticals, Tinubu urged Brazil to extend its expertise to Nigeria.
“I don’t see why the production of generic drugs, which Brazil has mastered, cannot be established in Nigeria,” he said, stressing that knowledge-sharing was vital for both nations’ sovereignty and growth.
On Nigeria’s domestic front, Tinubu assured investors that his administration’s economic reforms were already producing results.
“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 also noted that Nigeria’s foreign exchange market had been liberalised, 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,” Tinubu said.
During the state visit, Nigeria and Brazil signed five Memoranda of Understanding covering trade, diplomacy, science, aviation, and finance, signalling a new chapter in bilateral cooperation.
