Nigeria’s President Bola Tinubu has urged Brazil’s state-run oil company Petrobras, which exited Nigeria five years ago, to return swiftly as a partner in the country’s energy sector.
Speaking at a joint press conference in Brasília with Brazilian President Luiz Inacio Lula da Silva during his two-day visit, Tinubu highlighted Nigeria’s potential.
“We have the largest gas repository. I don’t see why Petrobras shouldn’t return as a partner in Nigeria as soon as possible,” he said.
He added, “I appreciate President Lula’s promise that this will be done quickly.”
Petrobras first entered Nigeria in 1998 with deep-water operations in the Niger Delta but sold its stakes more than a decade ago to focus on domestic projects.
Since its departure, Nigeria has been working to address challenges that have constrained oil and gas output.
In Sao Paulo, Jumoke Oduwole, Nigeria’s Minister of Industry, Trade and Investment, told Reuters that the government hopes to finalize an agreement with Petrobras before the end of the year.
“The two presidents are talking, whatever it’s going to take to make sure that Petrobras is encouraged to come back.
We want that investment back in Nigeria,” she said. Petrobras declined to comment on its potential return.
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Oduwole stressed that Nigeria is targeting a specific profile of international investors in oil and gas.
“We’re looking at our new friends and making sure that countries like Brazil, India, China, the Global South, we’re looking for particular types of investors.”
Tinubu also pointed to broader economic reforms that he said were already showing results, including improved access to foreign exchange.
As part of efforts to strengthen ties, the Nigerian and Brazilian leaders signed agreements covering trade, energy, aviation, science, and finance.
These included a deal with Brazilian aircraft manufacturer Embraer to establish a service center in Nigeria and the announcement of a direct Lagos–São Paulo flight route to be operated by Air Peace. Embraer confirmed its interest in expanding its presence in Nigeria.
Nigeria is Brazil’s 49th largest export destination, with bilateral trade totaling nearly $2.1 billion in 2024.
Brazil exported about $1 billion in goods to Nigeria, mainly sugar and jams, while importing $1.1 billion, mostly in fertilizers.
It remains uncertain how much of an impact Petrobras could have if it returns.
In May, Nigeria’s foreign minister said talks were underway with the company about deep-water exploration.
Petrobras has also been in discussions with ExxonMobil, Shell, and TotalEnergies regarding potential stakes in their African assets.
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Image Credit: CNN World
