Brazil and Nigeria Execute Five Strategic Agreements to Enhance Economic Growth

On Monday, Brazil and Nigeria formalized five key Memoranda of Understanding (MoUs) across critical sectors, designed to accelerate Nigeria’s economic advancement.

The ceremony occurred in Brasília, with President Bola Tinubu and Brazilian President Luiz Inácio Lula da Silva in attendance.

These agreements span aviation, foreign affairs, science and technology, and the Bank of Agriculture, signaling a revitalized era of bilateral partnership.

Following the ceremony, Mr Tinubu made a compelling appeal for Brazilian petroleum company Petrobras to restart its Nigerian operations.

“We have the largest deposit of gas. I don’t see why Petrobras will not be back in Nigeria very soon,” he said.

Mr Tinubu emphasized that Petrobras’ return would be crucial for tapping into Nigeria’s gas reserves and driving economic expansion.

Related: Dr. Ngozi Okonjo-Iweala Praises Tinubu’s Economic Reforms

Looking back at historical ties, Mr Tinubu acknowledged previous challenges while highlighting a fresh start for both countries.

“We’ve allowed past problems and inactivity to hinder progress. Today we say that is the end of that,” he declared.

He mentioned this marked his third Brazilian visit, having previously participated in G20 partnerships and climate discussions.

Mr Tinubu characterized the present discussions as both “emotionally laden and fact-based,” expressing gratitude to President da Silva for the renewed partnership.

“We’re working hard to raise our sovereignty to the expected level. Nigeria, the most populous and dynamic country, must share with Brazil,” he said.

Mr Tinubu underscored Nigeria’s goal to spearhead Africa’s economic and technological transformation through partnerships like the one with Brazil.

He emphasized that technology sharing, scientific cooperation, and food independence should form the foundation of this new partnership.

The president also pointed to Brazil’s pharmaceutical excellence as an example Nigeria could follow.

“I don’t see why manufacturing of generic drugs, which Brazil excels in, cannot also take place in Nigeria,” he added.

Mr Tinubu observed that Nigeria’s current reform initiatives were essential and already producing positive outcomes.

He highlighted the importance of strengthening air connectivity between the nations, stating this would boost trade and economic prospects.

Previously, Mr Silva confirmed Brazil’s dedication to expanding trade, agricultural, and cultural connections with Nigeria.

He celebrated the proposed direct flight route between Lagos and São Paulo as a significant advancement toward a “cultural renaissance.”

Mr Da Silva also supported Nigeria’s application for G20 membership and a permanent UN Security Council position, recognizing its expanding international presence.

He commended Nigeria’s law enforcement collaboration and its backing of Brazil’s Interpol executive body membership bid.

The Brazilian president additionally called for coordinated climate action before COP 30, highlighting Africa’s disproportionate climate impact relative to its low emissions.