President Bola Tinubu has welcomed Petrobras’s imminent return to Nigeria, 5 years after Brazil’s state-owned oil firm halted its three way partnership operations.
Talking at a joint press convention in Brasília throughout his State Go to to Brazil on Monday, Tinubu described Petrobras’ comeback as a milestone that might “reignite sturdy financial cooperation” within the oil and fuel sector between each nations.
“We’ve got the most important fuel repository. So, I don’t see why Petrobras doesn’t be part of as a accomplice in Nigeria as quickly as attainable. I admire President Lula’s promise that this might be finished as quickly as attainable,” he mentioned in a press release signed by his Particular Adviser on Info and Technique, Bayo Onannuga.
In the course of the state go to, Nigeria and Brazil signed 5 Memoranda of Understanding (MoUs) to strengthen commerce, diplomacy, science, aviation, and finance cooperation.
President Tinubu praised President Lula’s dedication to revitalising the partnership between the 2 nations, noting that Nigeria’s financial area stays a virgin land, filled with alternatives for Brazilian corporations.
President Tinubu assures buyers financial reforms are yielding outcomes
The President assured buyers that Nigeria’s financial reforms are yielding outcomes.
“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, however in the present day the result’s blossoming.
”It’s getting clearer to the individuals. We’ve got more cash for the financial system, and there might be no extra corruption. We’ve got the governor of the Central Bank of Nigeria right here. You don’t should know him earlier than getting the overseas change you want. The speculators are out. In our forex market, the door is open for companies,” he mentioned.
What President Lula mentioned:
President Lula welcomed the restart of the Brazil-Nigeria relationship.
“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their wager on free commerce and productive integration. We proceed to be devoted to constructing a world of peace, free from hegemonic impositions.
“There are lots of prospects for synergy between the world’s two largest nations with Black populations. Agriculture and livestock, oil and fuel, fertilisers, plane, and equipment, amongst others, signify extensive avenues for cooperation”.
He spoke additional on the BASA settlement: “Rising the direct connections between Nigeria and Brazil is one other important step to strengthen the ties between our societies. We’ve got permitted the launch of a direct flight, to be operated by Nigeria’s largest airline firm, Air Peace, between Lagos and São Paulo”.
Following a two-hour expanded bilateral assembly, the 2 leaders witnessed the signing of agreements and MOUs on the Palácio do Planalto in Brasília.
Backstory
Again in Could 2017, Petrobras determined to divest as a lot as $21 billion price of property, following a dramatic enhance within the firm’s debt to $100 billion on the time.
- Petrobras didn’t solely plan to promote its Nigerian oil fields but in addition tried to promote different property to scale back its debt burden.
- Petrobras reached an settlement to promote $2.9 billion price of property to Equinor AXA, a Norwegian firm.
- Petrobras, which started operations in Nigeria in 1998 within the deep waters off the coast of the Niger Delta, finally bought off its stakes greater than 10 years in the past to boost money for home initiatives.
In February 2025, the Brazilian state power agency mentioned it was in talks with corporations, together with current companions ExxonMobil, Shell, and TotalEnergies, to purchase a share of their African property.