President Bola Tinubu has welcomed the return of Brazil’s state-owned oil company, Petrobras, to Nigeria, five years after suspending joint venture operations.

He made this known while speaking at a joint press conference in Brasília during his state visit to Brazil.

He said the return will revive economic cooperation in the energy sector between the two nations.

He highlighted areas of cooperation including technology transfer, food security, manufacturing, renewable energy, healthcare, and pharmaceuticals.

Similarly, Nigeria and Brazil have signed five memoranda of understanding (mous) covering trade, diplomacy, science, aviation, and finance, marking a turning point in their long-standing bilateral relations.

President Bola Tinubu while calling for knowledge sharing in pharmaceuticals, stated that Nigeria has elevated this promise to the path of reality.

The agreement aims to broaden the opportunities for Nigeria, with the view to embrace Africa and develop its economies to help sovereign nations.