Nigeria Woos Petrobras to Revitalize Oil Sector with Deepwater Opportunities
By Usman A Harande
In a strategic move to bolster bilateral ties and attract foreign investment, Nigeria is courting Petrobras, Brazil’s state-owned oil giant, to re-enter the country’s oil sector. The Brazilian company, which previously operated in Nigeria’s Agbami Field, is now eyeing frontier deepwater acreage, according to Ambassador Yusuf Tuggar, Minister of Foreign Affairs.
This development comes as Vice President Kashim Shettima chairs an interministerial review meeting to coordinate Nigeria’s preparations for the 2025 Nigeria-Brazil Strategic Dialogue Mechanism (SDM). The meeting underscores the government’s efforts to maximize the potential of the relationship between the two nations.
Vice President Shettima emphasized the significance of 2025, citing Brazil’s hosting of major global events, including the BRICS Summit, G20 Summit, and COP30. He noted that this convergence presents a unique opportunity for Nigeria to advance its interests on the global stage.
“We have not maximally capitalized on the fraternity between us and Brazil, but it is better late than never,” Shettima said, highlighting the potential for sector-specific Memoranda of Understanding (MOUs) and investment flows.
Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, highlighted the ancestral connections between Nigeria and Brazil, noting that a significant percentage of Brazilians trace their roots to Nigeria. This historical context provides a foundation for deepening bilateral relations.
As Nigeria and Brazil prepare for the second session of the SDM in June 2025, the prospects for enhanced cooperation and investment look promising. With at least 12 draft MOUs pending approval, both countries are poised to unlock new opportunities for growth and development.
The interministerial meeting demonstrates Nigeria’s commitment to leveraging its relationship with Brazil for national development. As the country navigates the complexities of global diplomacy, the upcoming SDM will be a crucial milestone in cementing ties with Brazil and exploring new avenues for cooperation.
By Public Eye News, May 15, 2025
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