Nigeria, Brazil sign five MoUs to boost economic development

Nigeria, Brazil sign five MoUs to boost economic development

Nigeria and Brazil, on Monday, signed five strategic Memoranda of Understanding (MoUs) in key sectors, aimed at accelerating Nigeria’s economic development.

The signing took place in Brasília, witnessed by President Bola Tinubu and Brazilian President Luiz Inácio Lula da Silva.

The MoUs cover aviation, foreign affairs, science and technology, and the Bank of Agriculture, marking a renewed phase of bilateral cooperation.

After the signing, Mr Tinubu strongly urged Brazilian oil giant Petrobras to resume operations in Nigeria.

“We have the largest deposit of gas. I don’t see why Petrobras will not be back in Nigeria very soon,” he said.

Mr Tinubu stressed that Petrobras’ return was key to unlocking Nigeria’s gas potential and stimulating growth.

Reflecting on past relations, Mr Tinubu admitted there had been setbacks but emphasised a new beginning for both nations.

“We’ve allowed past problems and inactivity to hinder progress. Today we say that is the end of that,” he declared.

He recalled that this was his third visit to Brazil, having previously engaged on G20 partnerships and climate issues.

Mr Tinubu described the current dialogue as both “emotionally laden and fact-based,” thanking President da Silva for renewed cooperation.

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“We’re working hard to raise our sovereignty to the expected level. Nigeria, the most populous and dynamic country, must share with Brazil,” he said.

Mr Tinubu highlighted Nigeria’s ambition to lead Africa’s economic and technological renewal, driven by partnerships such as Brazil’s.

He stressed that technology transfer, scientific collaboration, and food sovereignty must underpin the new alliance.

The president also identified Brazil’s pharmaceutical leadership as a model Nigeria could adopt.

“I don’t see why manufacturing of generic drugs, which Brazil excels in, cannot also take place in Nigeria,” he added.

Mr Tinubu noted that Nigeria’s ongoing reforms were necessary and already yielding results.

He emphasised the need to strengthen aviation links between both countries, saying this would enhance trade and economic opportunities.

Earlier, Mr Silva reaffirmed Brazil’s commitment to deepening trade, agriculture, and cultural ties with Nigeria.

He hailed the planned direct flight between Lagos and São Paulo as a major step toward a “cultural renaissance.”

Mr Da Silva also endorsed Nigeria’s bid for G20 membership and a permanent seat on the UN Security Council, citing its growing global influence.

He praised Nigeria’s cooperation in law enforcement and its support for Brazil’s Interpol executive body membership.

The Brazilian leader further urged joint action on climate change ahead of COP 30, stressing Africa’s heavy burden despite its minimal emissions.

Nigeria, Brazil sign five MoUs to boost economic development

(NAN)