Nigerian President Urges Quick Return of Brazilian Oil Firm Petrobras

Nigerian President urges quick return for Brazil's Petrobras. Embraer S.A. is one of the world's largest aeronautic builders, with a focus on commercial aircrafts, defense systems, business aircrafts, and other services. The company's net sales are distributed geographically across Brazil, South America, North America, Asia/Pacific, Europe, and other regions.

July 02, 2025

Nigerian President Bola Tinubu has expressed his desire for Brazilian state-run oil company Petrobras to return to Nigeria's oil and gas sector, emphasizing the potential benefits for both nations. This comes amidst a two-day visit to Brazil aimed at deepening bilateral ties between Nigeria and Latin America's largest market.

Petrobras, which left Nigeria five years ago, had been operating in the deep waters off the Niger Delta since 1998. The company sold its stakes more than a decade ago to raise funds for domestic projects. Nigeria has since been making significant strides in improving its oil and gas sector, which Tinubu believes is now ready to welcome Petrobras back.

During a joint news conference with Brazilian President Luiz Inácio Lula da Silva, Tinubu stated, "We have the largest gas repository. I don't see why Petrobras shouldn't return as a partner in Nigeria as soon as possible." He thanked Lula for his promise to facilitate the return of Petrobras quickly [1].

In addition to the potential return of Petrobras, the visit resulted in several agreements aimed at strengthening economic ties between Nigeria and Brazil. These include an agreement with Brazilian aircraft manufacturer Embraer S.A. to establish a service centre in Nigeria. Embraer is one of the world's largest aeronautic builders, with a focus on commercial aircrafts, defense systems, business aircrafts, and other services. The company's net sales are distributed geographically across Brazil, South America, North America, Asia/Pacific, Europe, and other regions [2].

The leaders also announced the launch of a direct flight route between Lagos and São Paulo, to be operated by Nigerian carrier Air Peace. This move is part of a broader effort to improve trade between the two countries, which reached nearly $2.1 billion in 2024. Nigeria exported $1 billion worth of goods to Brazil, primarily sugar and jams, while importing $1.1 billion, mostly fertilizers.

The potential return of Petrobras to Nigeria could have significant implications for the energy sector. While the exact details of Petrobras' involvement are unclear, Nigeria's foreign minister stated in May that talks were ongoing to explore a deepwater oil field. Petrobras is also reportedly in talks with companies including ExxonMobil, Shell, and TotalEnergies about selling some of its African properties. Analysts suggest that a return to Nigeria could allow Petrobras to expand its portfolio in deepwater oil operations while also tapping into the country’s vast gas reserves [1].

The discussions between Brazil and Nigeria reflect larger strategic goals, including energy development, commerce expansion, and aviation connections. By welcoming Petrobras back, Nigeria is demonstrating its commitment to building foreign relationships that can help it achieve long-term economic success. The return of a major multinational energy business could boost Nigeria's domestic production capacity and improve its position in global energy markets.

References:
[1] https://www.marketscreener.com/news/brazil-s-petrobras-can-return-to-nigeria-quickly-nigerian-president-says-ce7c50d9db8df326
[2] https://cryptorank.io/news/feed/825cd-nigeria-signals-petrobras-could-return-amid-strengthening-brazil-ties