Brazil set to revive economic relationship with Nigeria

Nigeria and Brazil, the leading economies of Africa and South America respectively, have decided to strengthen their economic ties. This decision was made during a discussion between Nigerian President Bola Ahmed Tinubu and Brazilian President Luiz Inácio Lula da Silva. They met on the sidelines of the African Union (AU) summit in Addis Ababa, Ethiopia, where President Lula was attending as a special guest of the African leaders.

The conversation, as shared by Ajuri Ngelale, the spokesperson for the Nigerian President, highlighted Nigeria’s strong economic potential and its readiness to address obstacles to business growth. President Tinubu pointed out Nigeria’s efforts in removing barriers to business, fighting corruption, and investing in key areas such as healthcare, education, agriculture, and infrastructure to improve the lives of Nigerians and ensure the country’s long-term economic success.

President Tinubu stressed the importance of harnessing Nigeria’s vibrant and capable youth population for the country’s economic development. He stated, “Our economic potential is enormous…We are ready to break all the walls standing in our way to progress.”

Reflecting on the historical economic relationship between Nigeria and Brazil, President Lula expressed his desire to revitalize their trade relations, which have declined from over $10 billion to $1.6 billion. He emphasized the need for stronger connections across various sectors and highlighted the absence of direct flights between Lagos and São Paulo as a significant issue that needs to be addressed to facilitate better collaboration.

Both leaders expressed a strong commitment to improving their countries’ economic relationship, with President Tinubu affirming Nigeria’s determination to ease business operations, tackle corruption, and seek partnerships in energy and infrastructure development, drawing inspiration from Brazil’s achievements. He also highlighted the importance of establishing direct air links between the two countries and proposed the formation of a committee to work with Brazilian ministers on a joint plan of action.

The meeting concluded with President Lula inviting President Tinubu for a state visit to Brazil, a gesture warmly accepted by the Nigerian leader. This marks a forward step towards deepening the economic and developmental cooperation between Nigeria and Brazil, aiming to benefit millions of people in both nations through enhanced partnerships and shared growth initiatives.