President Bola Tinubu has welcomed the imminent return of Petrobras, Brazil’s state-owned oil company, to Nigeria.
The company halted its joint venture operations in the country five years ago.
During a state visit to Brazil, Tinubu expressed his enthusiasm for the partnership, saying, “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.”
Persecondnews reports that Petróleo Brasileiro S.A., commonly known as Petrobras, is a majority state-owned multinational corporation in the petroleum industry headquartered in Rio de Janeiro, Brazil.
The company’s name translates to Brazilian Petroleum Corporation.
Petrobras is a prominent company globally, ranked #71 in the 2023 Fortune Global 500 list and #58 in the 2023 Forbes Global 2000 list of the world’s largest public companies.
The company’s commitment to environmental sustainability and its significant role in the energy sector have earned it recognition worldwide
The Nigerian leader appreciated President Lula’s promise that the return of Petrobras would be done as soon as possible.
The state visit marked a significant milestone in strengthening bilateral ties between Nigeria and Brazil.
The two countries signed five Memoranda of Understanding (MoUs) to enhance cooperation in trade, diplomacy, science, aviation, and finance.
Tinubu commended President Lula’s commitment to revitalizing the partnership, noting that Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies.
Tinubu emphasized the need for concrete economic cooperation between the two countries.
“We tried to see why we are not at the level we wanted. We have allowed some problems and activities in the past to deter us from making progress and fulfilling our promises. But today we say that is the end of that,” he said.
He highlighted areas of cooperation, including technology transfer, food security, manufacturing, and renewable energy.
“Today, we are fighting and working hard to bring our sovereignty to the level of expectation that we as a nation, the most populous, the most dynamic country, Nigeria, share with Brazil.”
The President noted the importance of investment and knowledge exchange on healthcare and pharmaceuticals, saying”I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria,” he said.
He also reiterated the need for Brazil to share its technological superiority with Africa.
“I don’t see why the technological superiority of Brazil is not shared with Africa. We assured each other that only we can develop our economies to help our sovereignty.”
Nigeria is currently Brazil’s 49th largest export destination, with trade totaling nearly US$2.1 billion in 2024.
Brazil exported almost US$1 billion to Nigeria, primarily sugar and jams, and imported US$1.1 billion, mostly fertilizers.
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