Tinubu in Brazil: Petrobras Return, Direct Flights, a $2.1bn Trade Promise

By Eshiorameh Sebastian in Abuja

President Bola Tinubu’s state visit to Brazil has yielded a significant breakthrough in bilateral relations between the two nations, with the announcement that Petrobras, the Brazilian state owned oil giant, is set to make a return to Nigeria.

The development, hailed as a major step towards reigniting economic cooperation, was the centrepiece of a visit that also saw the signing of five Memoranda of Understanding and the promise of direct flights between Lagos and São Paulo.

Speaking at a joint press conference in Brasília alongside President Luiz Inácio Lula da Silva, President Tinubu expressed his strong approval of the oil company’s imminent return, five years after it halted its joint venture operations in Nigeria. He framed it as a natural partnership, given Nigeria’s vast energy resources. “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,” President Tinubu stated, adding, “I appreciate President Lula’s promise that this will be done as soon as possible.”

The return of Petrobras signifies a powerful re-engagement in the energy sector, but the cooperation extended far beyond oil and gas. The two leaders oversaw the signing of five MOUs designed to strengthen ties across a spectrum of critical areas, including trade, agriculture, aviation, and financial exchange. This broad-based approach signals a mutual desire to move beyond historical ties and into a phase of concrete, economically beneficial partnership.

President Tinubu was keen to present Nigeria as a land of opportunity, ready for Brazilian investment and expertise. He acknowledged the efforts of aircraft manufacturer Embraer in addressing challenges in Nigeria’s aviation sector by establishing a local service centre. “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,” he told the audience, expressing Nigeria’s readiness to partner on technology transfer, food security, and renewable energy.

The President also stressed the urgent need for investment in healthcare, specifically questioning why Brazilian knowledge in manufacturing generic drugs could not be transferred to Nigeria. “I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria,” he said, highlighting a key area for future development.

He sought to assure Brazilian business leaders that his government’s reforms have created a stable and transparent environment for investment. “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 explained, pointing specifically to reforms in the foreign exchange market. “The speculators are out. In our currency market, the door is open for businesses.”

For his part, President Lula welcomed the restart of the relationship between the two nations, which share the unique bond of hosting the world’s two largest Black populations. He positioned the partnership as a stand against global protectionism. “At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration,” President Lula said. He spoke of the wide avenues for cooperation in agriculture, oil and gas, and machinery.

One of the most immediately tangible outcomes for citizens of both countries was the announcement on aviation. President Lula confirmed the approval of a direct flight connection, a move long sought after to strengthen people-to-people ties and boost tourism and trade. “Increasing the direct connections between Nigeria and Brazil is another essential step,” he said. “We have approved the launch of a direct flight, to be operated by Nigeria’s largest airline company, Air Peace, between Lagos and São Paulo.”

The backdrop to these new agreements is a thriving trade relationship already worth nearly $2.1 billion in 2024. Brazil primarily exports goods like sugar and jams to Nigeria, while importing fertilisers in return. The new MOUs and the high-level commitment from both presidents aim to significantly expand both the volume and diversity of this trade, creating a more balanced and robust economic partnership.

The visit, which President Tinubu described as “very emotional,” marked his third trip to the country and his first official state visit. He spoke of moving beyond past problems that had deterred progress. “But today we say that is the end of that,” he declared, signalling a new chapter.