Abuja/Sao Paulo: Brazilian state-driven oil company Petrabras, which left Nigeria five years ago, should be able to return quickly, Nigerian President said that said at a press conference with his Brazilian counterpart during a two-day visit.
Petrabras began operating in deep water from Niger Delta in Nigeria in Nigeria. It sold its bets over 10 years ago to raise cash for domestic projects. Since then, Nigeria has been working to meet certain problems that have limited oil and gas production.
“We have the largest gas repository. I don’t see why Petrabras should not return as a partner in Nigeria as soon as possible,” Tinubu told a joint press conference with Brazilian President Luiz Eneasio Lula Dr. Silva on Tuesday.
“I appreciate President Lula’s promise that this will be done quickly,” Tinu said.
In a separate interview at Sao Paulo, Nigerian Minister of Industry, Trade and Investment, Jumok Oduvol, told Reuters that his country expects to reach an agreement with Petrabras soon as this year.
“Two Presidents are talking – whatever is going to take to ensure that Petrabrass is encouraged to return. We want that investment in Nigeria,” she said.
Petrabras refused to comment on its possible return to Nigeria.
Oduwole stated that Nigeria focuses on attracting a specific profile of international investment in its oil and gas sector.
“We are looking at our new friends and are sure that countries like Brazil, India, China – Global South – We are looking for special types of investors.”
In addition to the improvement in oil and gas sector, Tinubu said that economic reforms in Nigeria had started achieving results citing better access to foreign currency.
During a visit to Brazil, the two leaders signed the trade, energy, aviation, science and finance as part of Africa’s largest economy and Latin America’s largest market efforts to strengthen relations.
He signed an agreement with Brazilian aircraft manufacturer Embrears to set up a service center in Nigeria, and the leaders announced to launch a direct flight between Lagos and Sao Paulo to operate by Nigerian carrier Air Peace.
Asked about the discussions, Ambrear said that it is interested in increasing its appearance in Nigeria.
Nigeria is Brazil’s 49th largest export destination, with bilateral trade to approximately $ 2.1 billion in 2024. Brazil exported $ 1 billion to Nigeria, mainly sugar and jam, while importing $ 1.1 billion, mostly fertilizers.
It is not clear how much a boost petrobrag can provide.
In May, the Nigeria Foreign Minister said that the country was in discussion with the company on its deep water oil discovery.
Petrabras has also said that it was interacting with companies including existing partners, exonemobils, shells, and tricklezes, so that they could buy a portion of their African wealth. – Reuters
