President Bola Tinubu has announced that Petrobras, Brazil’s state-owned oil company, will soon return to Nigeria, marking a renewed phase of cooperation in the energy sector between both nations.
The president made this known during a joint press conference in Brasília on Monday, as part of his state visit to Brazil. According to Bayo Onanuga, his special adviser on information and strategy, Tinubu welcomed the development, describing it as a step that will further strengthen bilateral economic ties.
“With Nigeria holding one of the largest gas reserves, it is only fitting that Petrobras partners with us again,” Tinubu said, while commending Brazilian President Luiz Inácio Lula da Silva for his commitment to making the move a reality.
Beyond energy, Tinubu disclosed that discussions also produced other agreements, including plans for Nigeria’s flag carrier, Air Peace, to launch direct flights from Lagos to São Paulo.Petrobras first entered Nigeria in 1998 but later divested its stakes to focus on domestic investments after mounting debts forced a $21 billion asset sale in 2017. However, in May 2025, Vice-President Kashim Shettima confirmed that the company had renewed interest in Nigeria, with a focus on deepwater exploration opportunities.
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