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Five agreements signed covering trade, diplomacy, science, aviation, and finance
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Petrobras to resume operations in Nigeria after five-year hiatus
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Direct Lagos–São Paulo flight approved to boost connectivity
Nigeria and Brazil on Monday signed five Memoranda of Understanding (MoUs) aimed at deepening bilateral ties in trade, diplomacy, science, aviation, and finance.
The agreements were finalised at the Palácio do Planalto in Brasília during a joint press conference with President Bola Ahmed Tinubu and Brazilian President Luiz Inácio Lula da Silva.
President Tinubu welcomed the imminent return of Brazil’s state-owned oil giant, Petrobras, to Nigeria, five years after it halted joint ventures. Tinubu said the resumption would strengthen economic cooperation in the energy sector.
“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,” Tinubu declared, commending President Lula’s commitment to renewed collaboration.
Tinubu also highlighted opportunities for Brazilian companies in technology transfer, renewable energy, food security, pharmaceuticals, and manufacturing. He stressed Nigeria’s reforms, improved currency market, and ease of access to foreign exchange as incentives for investors.
Brazilian President Lula described the renewed engagement as timely, citing rising protectionism globally. He announced approval for a direct flight between Lagos and São Paulo, to be operated by Air Peace, to strengthen people-to-people and business ties.
1. Bilateral Air Services Agreement – Signed by Nigeria’s Minister of Aviation, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos.
2. Diplomatic Training & Political Consultations – Signed by Nigeria’s Ambassador Bianca Ojukwu and Brazil’s Ambassador Mauro Vieira.
3. Science, Technology, and Innovation Cooperation – Signed by Nigeria’s Minister Geoffrey Nnaji and Brazil’s Luciana Santos.
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4. Trade and Investment Promotion in Agriculture – Signed by Nigeria’s Bank of Agriculture MD, Ayo Sotinrin, and Brazil’s BNDES Minister, Aluísio Mercadante.
5. Finance Cooperation – Agreements supporting joint projects, investment, and harmonized agricultural financing.
Nigeria is Brazil’s 49th largest export destination, with trade reaching $2.1 billion in 2024. The MoUs are expected to deepen economic integration and expand opportunities for both nations.
Following the signing, President Tinubu attended a state luncheon hosted at the Itamaraty Palace.
