Nigeria, Brazil Sign Five Major Deals To Boost Economic Growth

Nigeria and Brazil on Monday signed five strategic Memoranda of Understanding (MoUs) in Brasília to accelerate Nigeria’s economic growth, in a ceremony witnessed by President Bola Tinubu and President Luiz Inácio Lula da Silva.

The agreements cover aviation, foreign affairs, science and technology, and the Bank of Agriculture, marking a renewed phase of cooperation.

Tinubu urged Brazilian oil giant Petrobras to resume operations in Nigeria, citing the country’s vast gas reserves. “We have the largest deposit of gas. I don’t see why Petrobras will not be back in Nigeria very soon,” he said, adding that its return was key to unlocking Nigeria’s gas potential.

Admitting past setbacks, Tinubu said both nations were starting afresh. “We’ve allowed past problems and inactivity to hinder progress. Today we say that is the end of that,” he declared. He described the talks as “emotionally laden and fact-based,” thanking President da Silva for his support.

Tinubu outlined Nigeria’s ambition to lead Africa’s economic and technological renewal through partnerships with countries like Brazil, stressing technology transfer, food security, and pharmaceutical collaboration. “I don’t see why manufacturing of generic drugs, which Brazil excels in, cannot also take place in Nigeria,” he noted.

He also called for stronger aviation links to enhance trade and investment, while highlighting Nigeria’s ongoing reforms as necessary and productive.

President da Silva reaffirmed Brazil’s commitment to deepening trade, agriculture, and cultural ties, praising the planned Lagos–São Paulo direct flight as a “cultural renaissance.” He endorsed Nigeria’s G20 bid and support for a permanent UN Security Council seat, citing its global influence.

The Brazilian leader also commended Nigeria’s law enforcement cooperation, welcomed closer climate change action ahead of COP 30, and stressed Africa’s heavy burden despite its low emissions.