Nigeria’s President Bola Tinubu said Brazil’s state-run Petrobras, which exited Nigeria five years ago after first entering deepwater projects in 1998, could re-enter the market swiftly following talks with President Luiz Inácio Lula da Silva during a two-day visit to boost relations.
Citing reforms and efforts to tackle constraints on oil and gas output, Tinubu said Nigeria “has the largest gas repository” and argued there is no reason Petrobras should not return “as soon as possible,” adding he welcomed Lula’s pledge to move quickly.
The leaders signed agreements spanning trade, energy, aviation, science and finance. Brazil’s Embraer will set up a maintenance and service center in Nigeria, and a direct Lagos–São Paulo route will launch, to be operated by Air Peace.
Bilateral trade reached nearly $2.1 billion in 2024, with Brazil exporting about $1.0 billion—mainly sugar and jams—and importing roughly $1.1 billion, mostly fertilizers. It remains unclear how large a lift Petrobras’ potential comeback would provide. Nigeria’s foreign minister said in May that Abuja is discussing deepwater exploration with the company, while Petrobras has held talks with partners including ExxonMobil, Shell and TotalEnergies over stakes in African assets.