Brazilian state-owned oil and gas giant Petrobras is poised to make a significant return to Nigeria, five years after ceasing its joint venture operations in the West African nation.
The move, announced during President Bola Tinubu's state visit to Brazil, is a major step toward reigniting economic and energy cooperation between the two countries.
President Tinubu publicly welcomed the decision at a joint press conference in Brasília, urging Petrobras to act swiftly.
"We have the largest gas repository. So I don't see why Petrobras doesn't join as a partner in Nigeria as soon as possible," he said. President Lula assured his Nigerian counterpart that the return would be executed promptly.
Petrobras’s re-entry is part of a broader push for strengthened bilateral relations, which saw Nigeria and Brazil sign multiple agreements covering areas from diplomacy and aviation to science and finance.
The collaboration in the energy sector is particularly crucial, given Nigeria's vast natural gas reserves and Brazil's expertise. The partnership is expected to boost Nigeria's energy sector and contribute to global energy security.
