By: Energy capital & power

Nigeria and Brazil have signed five Memoranda of Understanding (MoUs) to bolster cooperation in trade, energy, aviation, science and finance, coinciding with the anticipated return of Petrobras to Nigeria. The Brazilian state-owned oil company had suspended joint venture operations in Nigeria five years ago.

During a joint press conference in Brasília on Monday, Nigerian President Bola Tinubu welcomed Petrobras’s return, noting Nigeria’s large gas reserves and the potential for increased economic cooperation. Brazilian President Luiz Inácio Lula da Silva highlighted the importance of free trade and productive integration between the two nations.

The agreements include collaborations on biotechnology, ocean science, energy and digital innovation, as well as aviation services that will see Air Peace operate direct flights between Lagos and São Paulo. Nigerian ministers and their Brazilian counterparts signed additional MoUs covering diplomatic training, political consultations,and trade and investment promotion.

Nigeria is Brazil’s 49th largest export destination, with total trade reaching nearly $2.1 billion in 2024. The new agreements are expected to expand business opportunities and strengthen bilateral ties across multiple sectors.