Brazil’s state-run oil firm Petrobras, which exited Nigeria five years ago, is expected to return soon, according to President Bola Tinubu. He made the announcement at a joint news conference with Brazil’s President Luiz Inácio Lula da Silva during his two-day visit aimed at strengthening bilateral ties.
Petrobras first entered Nigeria in 1998, operating in the deep waters of the Niger Delta. More than a decade ago, it sold its stakes to generate funds for domestic projects.
Since that exit, Nigeria has intensified efforts to address challenges that previously hampered its oil and gas production.
Tinubu emphasized Nigeria’s vast gas reserves, saying Petrobras had every reason to resume operations as a partner “as soon as possible.” He welcomed Lula’s assurance that the process would move quickly.
He added that Nigeria’s economic reforms were starting to deliver positive results, pointing to improved access to foreign exchange as one of the benefits.
During the Brazil visit, both leaders signed agreements spanning trade, energy, aviation, science, and finance, reinforcing cooperation between Africa’s largest economy and Latin America’s biggest market.
The deals included an arrangement with Brazilian aircraft manufacturer Embraer to set up a service hub in Nigeria and the announcement of a direct flight route between Lagos and São Paulo, to be managed by Nigerian airline Air Peace.
Brazil ranks Nigeria as its 49th biggest export destination, with trade between both countries valued at nearly $2.1 billion in 2024. Brazil exported goods worth $1 billion—mainly sugar and jams—while Nigeria supplied $1.1 billion, largely fertilizers.
The scale of Petrobras’ potential contribution remains uncertain.
Earlier in May, Nigeria’s foreign minister disclosed that the government was already in talks with Petrobras over exploration of deep-water oil blocks.
Petrobras also confirmed discussions with global players such as ExxonMobil, Shell, and TotalEnergies, exploring opportunities to acquire shares in their African assets.
source: brazilenergyinsight.
African Energy Council