ABUJA, May 15 (AGCNewsNet) - Petrobras, Brazil's state oil company, is looking to re-enter Nigeria's oil sector, with a focus on frontier deepwater acreage, as economic reforms under President Bola Ahmed Tinubu's administration take root.

Petrobras, which had previously wound down operations in Nigeria's Agbami Field, is now actively engaging with Nigerian authorities ahead of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism (SDM), part of efforts to revitalise bilateral cooperation.

Vice President Kashim Shettima, who chaired an inter-ministerial review meeting at the Presidential Villa on Wednesday, said the presence of six ministers and the Solicitor-General of the Federation demonstrated Nigeria's commitment to strengthening ties with Brazil.

"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 (MOUs) and unlock investment flows," Shettima said.

He added that 2025 represents a unique moment for Nigeria to advance its interests on the global stage, as Brazil is hosting significant international events, including the BRICS Summit, the G20 Summit, and COP30.

Foreign Affairs Minister Yusuf Tuggar confirmed ongoing engagements with Petrobras, stating that the company is eager to resume operations in Nigeria. "Apart from Ethanol, which they are hoping to engage the NNPCL for blending, Petrobras is keen on frontier acreage in deep waters," Tuggar said.

He noted that Brazil is also engaging government agencies and private sector players ahead of the dialogue, with at least 12 draft MOUs covering energy, health, culture, and agriculture awaiting approval from the Ministry of Justice.

Hannatu Musawa, Minister of Art, Culture, Tourism, and Creative Economy, highlighted the historical connections between Nigeria and Brazil, noting that many Brazilians trace their roots to Nigeria. She outlined MOUs finalised with the Nigerian Film Corporation and the National Gallery of Arts for cultural collaborations.

Agriculture Minister Senator Abubakar Kyari reported completed MOUs on research collaborations in soybean value chain development, cassava technology transfer, and agro-forestry systems, which align with the Green Imperative Project (GIP) between Nigeria and Brazil.

Health Minister Muhammad Pate pointed to Brazil's achievements in universal health coverage as a model for Nigeria, citing potential collaboration in pharmaceutical research, local drug manufacturing, and workforce training.

Brazil's preparations for the SDM are well advanced, according to Tuggar, with efforts being made to integrate both public and private sector participation ahead of the strategic dialogue in June 2025.

Source: Premium Times

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