Mkpoikana Udoma
Port Harcourt — Nigeria’s energy sector has received a major boost as President Bola Tinubu confirmed the imminent return of Petróleo Brasileiro S.A, popularly known as Petrobras, Brazil’s state-owned oil giant, to joint venture operations in Nigeria, five years after its exit.
Speaking at a joint press conference in Brasília during his State Visit to Brazil, President Tinubu said Petrobras’ return would reignite strategic collaboration in oil, gas, and new energy frontiers.
“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,” President Tinubu declared.
Energy analysts view Petrobras’ re-entry as pivotal to Nigeria’s bid to attract upstream and midstream investments, especially as the country pushes to monetise its vast gas reserves under the Decade of Gas policy.
Highlighting the broader scope of cooperation, President Tinubu said: “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. We need to share, technology transfer, energy, economy, so that Brazil can continue to widen the opportunities for us to embrace Africa. Africa is the new frontier.”
President Tinubu further underscored Nigeria’s openness to Brazilian investments across food security, manufacturing, pharmaceuticals, and renewable energy.
“I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria. I don’t see why the technological superiority of Brazil is not shared with Africa,” he said.
On his part, Brazilian President Luiz Inácio Lula da Silva reaffirmed Brazil’s commitment to deepening bilateral ties, particularly in oil, agriculture, and aviation.
“There are many possibilities for synergy between the world’s two largest countries with Black populations. Agriculture and livestock, oil and gas, fertilizers, aircraft, and machinery, among others, represent wide avenues for cooperation,” President Lula said.
The two leaders also witnessed the signing of five Memoranda of Understanding spanning trade, diplomacy, science, aviation, and finance, while Brazil approved a new direct flight route to link Lagos and São Paulo, to be operated by Nigeria’s largest carrier, Air Peace.
Tinubu assured investors that Nigeria’s ongoing economic reforms had strengthened transparency and competitiveness in the foreign exchange market.
“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. We have more money for the economy, and there will be no more corruption. The speculators are out. In our currency market, the door is open for businesses,” he said.
Nigeria is already Brazil’s 49th largest export destination with a 2024 trade value of $2.1 billion, and the return of Petrobras is expected to tilt future trade more decisively toward oil and gas.
This article was originally posted at sweetcrudereports.com
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