Nigeria Invites “Petrobras” Back Amid Expanding Oil and Gas Opportunities

Edited By: Fatomatou konè

President Bola Tinubu assured that Brazil’s state-run oil company Petrobras, which exited Nigeria five years ago, could return swiftly, emphasizing opportunities in the country’s oil and gas sector during a joint news conference with Brazilian President Luiz Inácio Lula da Silva in Brasília. Petrobras initially entered Nigeria in 1998, operating in the deep waters of the Niger Delta, before divesting its stakes over a decade ago to finance domestic projects. Tinubu highlighted Nigeria’s growing gas reserves and ongoing reforms aimed at addressing structural challenges that have historically constrained energy production, signaling a favorable environment for renewed foreign investment.

Leaders from both countries used the visit to solidify economic and diplomatic ties, signing agreements spanning trade, energy, aviation, science, and finance. Among these initiatives, Brazilian aircraft manufacturer Embraer will establish a service center in Nigeria, while a new direct air route connecting Lagos and São Paulo, operated by Nigerian carrier Air Peace, will enhance bilateral connectivity. Tinubu also noted that broader economic reforms, including improved access to foreign exchange, have begun producing tangible benefits for investors and businesses in Nigeria.

Bilateral trade between the two nations reached nearly $2.1 billion in 2024, with Brazil exporting primarily sugar and jams, and importing fertilizers. While the scale of Petrobras’s potential re-entry remains uncertain, discussions are reportedly ongoing between the company and the Nigerian government regarding deep water exploration, alongside talks with partners such as ExxonMobil, Shell, and TotalEnergies to acquire stakes in African assets. This development reflects Nigeria’s strategic effort to attract major international energy players amid broader regional energy growth.