Brazilian Oil Corporation Petrobas, Will Return to Nigeria Soon- Tinubu
President Bola Tinubu has welcomed the imminent return of Petrobras, Brazil’s state-owned oil company, to Nigeria after a five-year hiatus.
Speaking at a joint press conference in Brasília during his state visit to Brazil, Tinubu said Petrobras’ return would strengthen Nigeria’s energy sector and open fresh opportunities for investment.
The President praised Brazilian President Luiz Inácio Lula da Silva for his commitment to revitalizing bilateral ties, stressing that Nigeria remained a fertile ground for strategic partnerships. Tinubu highlighted priority areas such as technology transfer, food security, manufacturing, renewable energy, healthcare, and pharmaceuticals, urging Brazil to extend its expertise to Nigeria.
Tinubu assured investors that his administration’s economic reforms were already producing results, citing the liberalization of Nigeria’s foreign exchange market as a key development. “You no longer need to know the Central Bank Governor before getting forex. The speculators are out, and the market is open for genuine businesses,” he said.
The President also acknowledged Brazilian aircraft manufacturer Embraer’s ongoing investment in Nigeria’s aviation industry, particularly the establishment of a service hub for airline repairs and maintenance in West Africa. With Petrobras’ return, Nigeria and Brazil are poised to deepen their economic cooperation, with potential benefits for trade, investment, and growth in both countries.
