Brazil’s state-run oil company Petrobras is preparing to re-enter Nigeria’s energy sector, five years after pulling out of joint ventures in the country. The development was announced during President Bola Tinubu’s state visit to Brasília, where he and Brazilian President Luiz Inácio Lula da Silva signed five cooperation agreements covering trade, finance, aviation, science, and diplomacy.
Speaking at a joint press conference on Tuesday, Tinubu described Petrobras’ comeback as crucial for deepening energy ties.
“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, thanking Lula for pledging that the move would be expedited.
Petrobras, which first entered Nigeria in 1998 through deep-water projects off the Niger Delta, sold off its holdings more than a decade ago to free up funds for domestic operations. Discussions are now underway for the company to acquire stakes from existing players, including ExxonMobil, Shell, and TotalEnergies.
Tinubu said reforms at home were creating space for such partnerships. He pointed to improved access to foreign exchange, reduced speculation in the currency market, and a crackdown on corruption.
“We have more money for the economy, and there will be no more corruption. The speculators are out, and the door is open for businesses,” he said.
Beyond oil and gas, both leaders highlighted opportunities in aviation and manufacturing. Brazilian aircraft maker Embraer is set to establish a service hub in Nigeria, while a new direct flight linking Lagos and São Paulo will be launched by Nigerian carrier Air Peace. Tinubu also urged collaboration on renewable energy, food security, and pharmaceutical production, stressing that Nigeria was ready to embrace Brazil’s technological know-how.
“This is my third visit to Brazil—first for the G20, then on climate change at BRICS, and now an official state visit. Today is very emotional,” he said. “We have allowed some problems in the past to deter us from progress, but today we say that is the end of that,” he said.
Trade between the two countries totaled nearly $2.1 billion in 2024, with Brazil exporting sugar and jams worth about $1 billion to Nigeria, and importing $1.1 billion in fertilisers. Officials said Petrobras’ return could provide a further boost, though the scale of its investment remains uncertain.
The visit, which included the signing of agreements across multiple sectors, signals a renewed push to anchor Nigeria–Brazil relations in concrete economic and technological cooperation.