{"id":91520,"date":"2025-08-26T23:42:00","date_gmt":"2025-08-26T23:42:00","guid":{"rendered":"https:\/\/sotnews.agency\/?p=91520"},"modified":"2025-08-26T23:42:00","modified_gmt":"2025-08-26T23:42:00","slug":"nigerian-president-urges-quick-return-for-brazils-petrobras","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=91520","title":{"rendered":"Nigerian president urges quick return for Brazil\u2019s Petrobras"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 25 Second <\/div>\n\n <\/div>
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Brazil\u2019s state-run oil company Petrobras, which left Nigeria five years ago, should be able to return quickly, Nigerian President Bola Tinubu told a press conference with his Brazilian counterpart during a two-day visit.<\/p>\n

Petrobras began\u00a0operations\u00a0in Nigeria in 1998 in the deep waters off the Niger Delta. It sold its stakes more than 10 years ago to raise cash for domestic projects. Since then, Nigeria has been working to address some of the problems that have limited\u00a0oil and gas output.<\/p>\n

\u201cWe have the largest gas repository. I don\u2019t see why Petrobras shouldn\u2019t return as a partner in Nigeria as soon as possible,\u201d Tinubu told a joint press conference with Brazilian President Luiz Inacio Lula da Silva in Bras\u00edlia on Tuesday.<\/p>\n

\u201cI appreciate President Lula\u2019s promise that this will be done quickly,\u201d Tinubu said.<\/p>\n

In a separate interview in Sao Paulo, Jumoke Oduwole, the Nigerian Minister of Industry, Trade and Investment, told Reuters that her country hopes to reach an agreement with Petrobras as soon as this year.<\/p>\n

\u201cThe two presidents are talking \u2013 whatever it\u2019s going to take to make sure that Petrobras is encouraged to come back. We want that investment back in Nigeria,\u201d she said<\/p>\n

Petrobras declined to comment on its potential return to Nigeria.<\/p>\n

Oduwole said Nigeria is focused on attracting a specific profile of international investment to its oil and gas sector.<\/p>\n

\u201cWe\u2019re looking at our new friends and making sure that countries like Brazil, India, China \u2013 the Global South \u2013 we\u2019re looking for particular types of investors.\u201d<\/p>\n

Apart from improvements in the oil and gas sector, Tinubu said economic reforms in Nigeria were beginning to yield results, citing improved access to foreign exchange.<\/p>\n

During the visit to Brazil, the two leaders signed agreements on trade, energy, aviation, science and finance as part of efforts to strengthen ties between Africa\u2019s largest economy and Latin America\u2019s biggest market.<\/p>\n

They included an agreement with Brazilian aircraft manufacturer Embraer\u00a0(EMBR3.SA), opens new tab\u00a0to establish a service centre in Nigeria, and the leaders announced the launch of a direct flight route between Lagos and S\u00e3o Paulo, to be operated by Nigerian carrier Air Peace.<\/p>\n

Asked about the discussions, Embraer said it is interested in increasing its presence in Nigeria.<\/p>\n

Nigeria is Brazil\u2019s 49th largest export destination, with bilateral trade reaching nearly $2.1 billion in 2024. Brazil exported $1 billion worth of goods to Nigeria, primarily sugar and jams, while importing $1.1 billion, mostly fertilisers.<\/p>\n

It is unclear how much of a boost Petrobras might provide.<\/p>\n

In May, Nigeria\u2019s foreign minister said the country was in discussion with the company on the exploration of its deep water oil acreage.<\/p>\n

Petrobras has also stated that it is in talks with companies, including existing partners ExxonMobil, Shell, and TotalEnergies\u00a0(TTEF.PA), to acquire a stake in<\/span> their African assets.<\/p>\n<\/p>\n<\/div>\n

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