President Bola Tinubu announces Petrobras’ return to Nigeria’s oil sector, signaling renewed energy collaboration and direct flights between Lagos and São Paulo.
President Bola Tinubu has announced that Petrobras, Brazil’s state-owned oil company, is set to resume operations in Nigeria.
Speaking at a joint press conference in Brasília during his state visit to Brazil, Tinubu said the company’s return would strengthen energy sector cooperation between both nations. The statement was released on Tuesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
“We hold one of the largest gas reserves globally. It makes sense for Petrobras to partner with us as soon as possible,” Tinubu said, expressing appreciation to Brazilian President Luiz Inácio Lula da Silva for supporting the initiative.
According to Onanuga, the two countries also reached agreements to enhance bilateral relations, including plans for Air Peace to launch direct flights between Lagos and São Paulo.
Petrobras first entered Nigeria in 1998 but later sold its assets to raise funds for domestic projects amid mounting debts, which reportedly rose to $100 billion by 2017.
In May 2025, Vice President Kashim Shettima disclosed that the company was seeking to re-enter Nigeria’s oil sector, particularly in frontier deepwater exploration.
