ABUJA, Aug 26 (Reuters) – Brazil’s state-run oil company Petrobras, which left Nigeria five years ago, should be able to return quickly, Nigerian President Bola Tinubu told a news conference with his Brazilian counterpart as part of a two-day visit to deepen ties. Petrobras began operations in 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 cracking down on some of the problems that have limited oil and gas output. “We have the largest gas repository. I don’t see why Petrobras shouldn’t return as a partner in Nigeria as soon as possible,” Tinubu said during a joint news conference with Brazilian President Luiz Inácio Lula da Silva in Brasília on Tuesday. “I appreciate President Lula’s promise that this will be done quickly,” Tinubu said. 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. 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’s largest economy and Latin America’s biggest market. They included an agreement with Brazilian aircraft manufacturer Embraer (EMBR3.SA), opens new tab to establish a service centre in Nigeria, and the leaders announced the launch of a direct flight route between Lagos and São Paulo, to be operated by Nigerian carrier Air Peace. Nigeria is Brazil’s 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. It is unclear how much of a boost Petrobras might provide. In May, Nigeria’s foreign minister said the country was in discussion with the company on the exploration of its deep water oil acreage. Petrobras has also said it was in talks with companies including existing partners ExxonMobil (XOM.N), opens new tab, Shell (SHEL.L), opens new tab, and TotalEnergies (TTEF.PA), opens new tab, to buy a share of their African assets.
