President Bola Tinubu has announced that Brazil’s state owned oil giant, Petrobras, which pulled out of Nigeria five years ago after first venturing into deepwater projects in 1998, is now positioned to make a quick comeback following his talks with Brazilian President Luiz Inácio Lula da Silva during a two day visit aimed at strengthening ties.
Highlighting ongoing reforms and measures to ease challenges in the oil and gas sector, Tinubu noted that Nigeria “has the largest gas repository” and insisted there is no reason Petrobras should not resume operations “as soon as possible.” He further welcomed Lula’s assurance of fast tracking the process.
During the visit, both leaders signed a series of agreements covering trade, energy, aviation, science, and finance. Notably, Brazilian aircraft manufacturer Embraer will establish a maintenance and service hub in Nigeria, while Air Peace will soon begin operating a direct Lagos–São Paulo flight route.
