Nigeria and Brazil have signed five new Memoranda of Understanding (MoUs) covering trade, aviation, diplomacy, science, and finance, marking a renewed phase in their long-standing relations. The agreements were unveiled at the Palácio do Planalto in Brasília during a joint announcement by President Bola Ahmed Tinubu and his Brazilian counterpart, Luiz Inácio Lula da Silva.
A major highlight was the imminent return of Petrobras, Brazil’s state-owned oil company, which suspended operations in Nigeria five years ago. President Tinubu welcomed the development, stressing that Nigeria’s vast natural gas reserves make it a natural partner for Petrobras.
“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,” he said.
Tinubu also urged Brazilian investors to explore opportunities beyond oil, particularly in technology transfer, aviation, manufacturing, food security, renewable energy, and pharmaceuticals. He praised Brazilian aircraft manufacturer Embraer’s plan to establish a service centre in Nigeria to support local airlines.
President Lula emphasized the importance of stronger ties in an era of rising protectionism. He highlighted agriculture, oil and gas, fertilisers, and machinery as key areas for cooperation. He also announced the approval of a direct Air Peace flight between Lagos and São Paulo, calling it an essential step in connecting both nations.
The five MoUs included agreements on air services, diplomatic training, political consultations, science and technology cooperation, and trade and investment promotion. They were signed by senior Nigerian and Brazilian ministers, as well as officials from the Bank of Agriculture and Brazil’s National Bank for Economic and Social Development (BNDES).
Tinubu reassured Brazilian investors of Nigeria’s reform-driven economy, promising transparency, reduced corruption, and easier access to foreign exchange.
“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,” he said.
Trade between the two nations hit $2.1 billion in 2024, with Nigeria ranked as Brazil’s 49th largest export market. Both leaders agreed that the fresh agreements signal a turning point, with collaboration set to expand across multiple sectors.