By Busola Bamidele
Brazil's state oil company, Petrobras, is seeking to re-enter Nigeria's oil sector with a particular interest in frontier deepwater acreage.
This move comes as Nigeria's economic reforms under President Bola Ahmed Tinubu create new opportunities for foreign investment and sector growth.
Petrobras had previously wound down its operations in Nigeria after its involvement in the Agbami Field. Now, the company is actively engaging with Nigerian authorities to explore potential partnerships ahead of the 2025 Nigeria–Brazil Strategic Dialogue Mechanism (SDM).
During an inter-ministerial meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, government officials discussed preparations for the upcoming SDM session in June 2025.
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Vice President Shettima highlighted the significance of Nigeria's relationship with Brazil, noting that "we have not maximally capitalised on our fraternity with Brazil, but it is better late than never."
For Nigerian small and medium enterprises (SMEs), Petrobras' renewed interest could open up opportunities across the oil and gas value chain.
Service providers in areas such as logistics, equipment maintenance, and local sourcing may benefit from increased demand as Brazil–Nigeria cooperation deepens.
The partnership could also foster technology transfer and capacity building, helping to strengthen Nigeria's domestic oil industry and support SME growth.
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