President Bola Tinubu has welcomed Petrobras’s imminent return to Nigeria, five years after Brazil’s state-owned oil company halted its joint venture operations.
Speaking at a joint press conference in Brasília during his State Visit to Brazil on Monday, Tinubu described Petrobras’ comeback as a milestone that would “reignite robust economic cooperation” in the oil and gas sector between both nations.
“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,” he said in a statement signed by his Special Adviser on Information and Strategy, Bayo Onannuga.
During the state visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) to strengthen trade, diplomacy, science, aviation, and finance cooperation.
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.
President Tinubu assures investors economic reforms are yielding results
The President 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.
What President Lula said:
President Lula 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”.
He spoke further on the BASA agreement: “Increasing the direct connections between Nigeria and Brazil is another essential step to strengthen the ties between our societies. We have approved the launch of a direct flight, to be operated by Nigeria’s largest airline company, Air Peace, between Lagos and São Paulo”.
Following a two-hour expanded bilateral meeting, the two leaders witnessed the signing of agreements and MOUs at the Palácio do Planalto in Brasília.
Backstory
Back in May 2017, Petrobras decided to divest as much as $21 billion worth of assets, following a dramatic increase in the company’s debt to $100 billion at the time.
- Petrobras did not only plan to sell its Nigerian oil fields but also attempted to sell other assets to reduce its debt burden.
- Petrobras reached an agreement to sell $2.9 billion worth of assets to Equinor AXA, a Norwegian company.
- Petrobras, which began operations in Nigeria in 1998 in the deep waters off the coast of the Niger Delta, eventually sold off its stakes more than 10 years ago to raise cash for domestic projects.
In February 2025, the Brazilian state energy firm said it was in talks with companies, including existing partners ExxonMobil, Shell, and TotalEnergies, to buy a share of their African assets.
