Nigerian president urges quick return for Brazil’s Petrobras

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Nigerian president urges quick return for Brazil’s Petrobras

2:20 CAT | 27 Aug 2025

Photo: Bola Ahmed Tinubu /X

Nigerian President Bola Tinubu said at a press briefing with his Brazilian counterpart that Petrobras should be able to return to Nigeria quickly.

Petrobras started operations in Nigeria in deep waters near the Niger Delta in 1998.

It sold its stakes over 10 years ago in order to raise money for domestic projects. Nigeria has worked to solve some of the issues that have limited its oil and gas production since then.

“We have a large gas reservoir. I don’t understand why Petrobras should not return to Nigeria as a partner as soon as possible,” Tinubu said at a press conference held with Brazilian President Luiz Inacio Lula da Silva in Brasilia on Tuesday.

Tinubu stated, “I am grateful for President Lula’s assurance that this would be done as quickly as possible.”

In an interview with a Brazilian newspaper, Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, said that she hoped to have reached a deal with Petrobras by the end of this year.

The two presidents have been talking. They will do whatever is necessary to encourage Petrobras to return. “We want this investment back in Nigeria,” she said.

Petrobras has declined to comment on its possible return to Nigeria.

Oduwole stated that Nigeria is focused on attracting specific profiles of international investments to its oil-and-gas sector.

“We are looking for specific types of investors in countries such as Brazil, India, China, the Global South.”

Tinubu noted that the economic reforms are beginning to show results in Nigeria, citing improved access to foreign currency.

During their visit to Brazil, both leaders signed agreements in the areas of trade, aviation, science, and finance, as part of efforts to improve ties between the largest economy in Africa and the biggest market in Latin America.

The leaders also announced an agreement between Nigerian airline Air Peace and Brazilian aircraft manufacturer Embraer for the establishment of a service center in Nigeria.

Embraer expressed interest in expanding its presence in Nigeria when asked about the talks.

Nigeria will be Brazil’s 49th most important export destination in 2024, with bilateral trade expected to reach nearly $2.1 billion. Brazil exported $1 billion in goods to Nigeria, mainly sugar and jams. It imported $1.1 billion of fertilisers.

Petrobras’ contribution is not clear.

Nigeria’s Foreign Minister said in May that the country and the company were discussing the exploration of the deep-water oil acreage.

Petrobras also announced that it is in discussions with ExxonMobil and Shell to purchase a portion of their African assets.

My heartfelt thanks to President Lula @LulaOficial for the extraordinary warmth and honour he extended to me and my delegation, crowned by a truly memorable almoço at the Itamaraty Palace.

Our conversations were not mere protocol. They carried purpose and delivered action. Five… pic.twitter.com/EbKF8bwjTE

— Bola Ahmed Tinubu (@officialABAT) August 26, 2025