Nigerian President Bola Tinubu and Brazilian President Luiz Inácio Lula da Silva have initiated a new era of cooperation between their countries with the signing of five new Memoranda of Understanding (MOUs).
Nigerian presidential spokesman, Mr.Bayo Onanuga, on Monday, highlighted the development occurred during President Tinubu’s state visit to Brazil.
A major highlight was the announcement of the imminent return of Brazil’s state-owned oil company, Petrobras, to Nigeria after a five-year absence. This move is expected to reignite economic collaboration 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.” President Tinubu said. “I appreciate President Lula’s promise that this will be done as soon as possible,” he added.
The five MOUs signed cover a range of sectors including trade, diplomacy, science, aviation, and finance. Key agreements include:
- Aviation: A Bilateral Air Services Agreement was signed, which will facilitate a new direct flight route between Lagos and São Paulo, to be operated by Air Peace,airline indigenous to Nigeria.
- Science and Technology: An MOU was signed to foster collaboration in biotechnology, bioeconomy, and energy, with a focus on technology transfer.
- Finance and Agriculture: An agreement was made to promote trade, investment, and agricultural financing.
President Tinubu assured Brazilian investors that Nigeria’s recent “economic reforms” are yielding positive results, citing improved transparency and stability in the foreign exchange market.
Nigeria is Brazil’s 49th largest export destination, with trade totalling nearly US$2.1 billion in 2024. Brazil exported almost US$1 billion to Nigeria, primarily sugar and jams, and imported US$1.1 billion, mostly fertilisers.
Both leaders expressed optimism that the new agreements will significantly increase the current $2.1 billion trade relationship, strengthening the bond between the world’s two largest countries with Black populations.
