Tinubu Secures Petrobras’ Return To Nigeria As Brazil, Nigeria Ink Landmark Economic Pacts

President Bola Ahmed Tinubu has announced the imminent return of Petrobras, Brazil’s state-owned oil giant, to Nigeria after a five-year absence, describing the move as a “milestone that will reignite robust economic cooperation” between the two nations.

Speaking alongside President Luiz Inácio Lula da Silva at a joint press conference in Brasília on Monday during his State Visit to Brazil, Tinubu hailed Petrobras’ decision to re-enter Nigeria’s oil and gas sector, reaffirming Nigeria’s readiness to welcome Brazilian investment.

“We hold the largest gas reserves on the continent. I see no reason why Petrobras should delay its renewed partnership with Nigeria. I appreciate President Lula’s assurance that this will happen quickly,” Tinubu said in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga.

The highlight of the visit was the signing of five new Memoranda of Understanding (MoUs), covering trade, finance, aviation, science, and diplomacy, aimed at strengthening ties between Africa’s largest economy and Latin America’s industrial powerhouse.

Tinubu to Investors: “Reforms Are Working”

President Tinubu used the occasion to reassure global investors that his administration’s reforms are beginning to yield measurable gains.

“The reforms we embarked upon were initially tough, but today the results are blossoming. We have more resources for the economy, and corruption is being rooted out. Businesses no longer need political connections to access foreign exchange—our markets are open and transparent,” he declared.

With the Central Bank Governor present at the press briefing, Tinubu emphasized that Nigeria’s currency market had been freed from manipulation by speculators, creating a level playing field for businesses.

Lula: “Brazil and Nigeria Are Natural Partners”

On his part, President Lula celebrated the revival of the Brazil–Nigeria partnership, describing it as a model for South–South cooperation at a time when “protectionism and unilateralism are resurging.”

“There are many opportunities for synergy between the world’s two largest Black-populated nations. Agriculture, oil and gas, fertilisers, aircraft, and machinery are among the sectors with enormous potential for cooperation,” Lula said.

He also announced that under a new Bilateral Air Services Agreement (BASA), Nigeria’s largest carrier, Air Peace, will soon operate direct flights between Lagos and São Paulo—an initiative he described as “essential to bringing our peoples closer together.”

The Backstory

Petrobras first entered Nigeria in 1998, operating deepwater oil fields off the Niger Delta. But by 2017, facing a debt crisis exceeding $100 billion, the company launched a $21 billion divestment plan. Its Nigerian assets were eventually sold off to raise funds for domestic projects, including a $2.9 billion sale to Norway’s Equinor.

In February 2025, Petrobras disclosed it was in advanced talks with international oil majors—including ExxonMobil, Shell, and TotalEnergies—about acquiring shares of their African assets, signaling a strategic re-entry into the continent.

With Tinubu’s latest diplomatic push, Petrobras’ return to Nigeria now appears imminent, potentially unlocking new investment flows in energy, trade, and infrastructure, while opening a fresh chapter in Nigeria–Brazil relations.