Brazilian state oil company, Petrobras, is seeking a return to Nigeria’s oil sector with a renewed focus on frontier deepwater exploration as part of efforts to strengthen ties between both countries.
In a statement on Wednesday, Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications, announced that the development came during an interministerial review meeting.
The meeting, chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja, was held to prepare for the second session of the Nigeria-Brazil Strategic Dialogue Mechanism (SDM) in June 2025.
Petrobras had previously wound down its Nigerian operations at the Agbami Field, but with renewed economic reforms under President Bola Tinubu, the company is now actively engaging Nigerian authorities as it eyes fresh investment opportunities.
Speaking at the session, Vice President Shettima underscored the strategic importance of Nigeria’s relationship with Brazil, especially as Brazil prepares to host a series of global summits this year.
“The presence of six ministers and the Solicitor-General of the Federation in this review meeting ahead of the second session of the Nigeria-Brazil Strategic Dialogue Mechanism shows the importance we have attached to our relationship 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.
Highlighting the significance of 2025 as a pivotal year for global diplomacy, Shettima said, “This year is our moment of interface with Brazil. Brazil is hosting so many global events this year – from the BRICS Summit to the G20 Summit and COP30. This convergence of events provides us with a unique opportunity to advance our interests on the global stage.”
The Vice President also commended the ministers for their renewed vigour and patriotic commitment, stating that “there is a sea change in our attitude, disposition, and commitment.”
