Tinubu Revives Petrobras Partnership, Unlocks New Bilateral Deals with Brazil

President Bola Tinubu has confirmed that Petrobras, Brazil’s state-owned energy company, will resume operations in Nigeria after a five-year absence.

Speaking during his State Visit to Brazil, Tinubu described the company’s return as a boost for Nigeria’s oil and gas sector and a step toward stronger bilateral economic cooperation. “Nigeria holds the largest gas reserves, and Petrobras is welcome to partner with us again. I appreciate President Lula’s assurance that this will be fast-tracked,” Tinubu said.

During the visit, both countries signed five Memoranda of Understanding covering energy, aviation, finance, trade, and diplomacy. Tinubu assured Brazilian investors that Nigeria’s ongoing reforms are creating a more transparent and business-friendly environment.

Brazil’s President Luiz Inácio Lula da Silva welcomed the renewed partnership, highlighting opportunities in agriculture, energy, fertilisers, and machinery. He also confirmed that Air Peace will soon launch direct flights between Lagos and São Paulo under a new Bilateral Air Service Agreement.

Background: Petrobras first entered Nigeria in 1998 but exited after divesting its deep-water assets as part of a $21 billion debt-reduction plan. In February 2025, the company hinted at a return to Africa by partnering with operators such as ExxonMobil, Shell, and TotalEnergies.

With Petrobras’ comeback, Nigeria expects increased foreign investment in oil exploration and wider trade cooperation with Brazil.