Brazilian state-owned oil giant, Petrobras, is preparing a comeback to Nigeria’s oil and gas sector, with renewed interest in frontier deepwater exploration, as part of a broader diplomatic and economic engagement between the two nations.
The development was confirmed during an interministerial review meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, in preparation for the upcoming second session of the Nigeria-Brazil Strategic Dialogue Mechanism (SDM) scheduled for June 2025.
Petrobras had previously exited its Nigerian operations at the Agbami Field, but is now seeking fresh investment opportunities in light of Nigeria’s ongoing economic reforms under President Bola Tinubu.
Strengthening Bilateral Ties
Addressing the meeting, Vice President Shettima emphasized the untapped potential in Nigeria-Brazil relations, noting the historic and strategic ties between both nations.
“We have not maximally capitalised on the fraternity between us and Brazil, but it is better late than never. The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding and unlock investment flows,” Shettima said.
He also highlighted 2025 as a key year in global diplomacy, with Brazil set to host several high-level summits including the BRICS Summit, G20, and COP30, offering Nigeria valuable platforms to assert its global interests.
Petrobras Reengages Nigerian Market
Providing updates on Petrobras’ renewed interest, Minister of Foreign Affairs, Ambassador Yusuf Tuggar, confirmed active discussions with the energy giant.
“Petrobras is no longer operational in Nigeria, but they have expressed a strong desire to return specifically to explore frontier acreage in deep waters,” Tuggar stated.
He also noted potential partnerships with the Nigerian National Petroleum Company Limited (NNPCL), especially in ethanol blending and energy transition initiatives.
Cross-Sector Collaboration Expands
The meeting also showcased progress across various sectors, as Nigeria prepares for a deeper strategic alliance with Brazil.
Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musawa, highlighted MOUs signed for audiovisual co-productions, art exhibitions, and cultural exchange programs ahead of FESTAC @ 50 in 2026.
In agriculture, Minister of Agriculture, Senator Abubakar Kyari, said MOUs have been concluded for joint research in soybean value chain development, cassava innovation, and agroforestry systems, building on the foundations laid by the Green Imperative Project (GIP).
“We’re targeting integrated crop-livestock systems and climate-resilient agriculture,” Kyari explained.
Health, Environment, and Livestock in Focus
On health, Coordinating Minister of Health and Social Welfare, Muhammad Pate, pointed to Brazil as a model in universal health coverage, citing opportunities for pharmaceutical collaboration, local drug manufacturing, and disease research.
“Brazil has a lot we can learn from in tackling tropical diseases and scaling primary healthcare,” he said.
Minister of Environment, Balarabe Lawal, and Minister of Livestock Development, Idi Mukhtar Maiha, also reaffirmed their ministries’ commitment to strengthening cooperation in climate resilience, livestock innovation, and sustainable development.
Next Steps
Ambassador Tuggar confirmed that 12 draft MOUs have been compiled across energy, health, culture, and agriculture, awaiting clearance from the Federal Ministry of Justice. Both governments are working toward signing these agreements during the SDM in June.
Vice President Shettima commended the high-level engagement of six ministers and the Solicitor-General of the Federation, describing it as evidence of a renewed national commitment to leveraging Nigeria’s international partnerships for inclusive development.
