From Juliana Taiwo-Obalonye, Brasilia, Brazil
Kaduna State Governor Uba Sani has praised President Bola Tinubu’s recent state visit to Brazil as a landmark occasion that promises to vastly boost Nigeria’s economy, particularly through an expected inflow of more than $30 billion in investments targeting agriculture, food security, and aviation.
Speaking to journalists on the sidelines of the visit, Sani described the visit as “one of the most important bilateral discussions and agreements signed since President Bola Tinubu was elected.” He reflected on the historic context of Nigeria-Brazil economic relations, noting that “about 12 years ago, there was a conversation about $12 billion opportunities between Nigeria and Brazil, but unfortunately, after 12 years, only about $2 billion was actually realised.” This time, however, there is renewed optimism grounded in multiple newly signed agreements and concrete bilateral discussions.
He emphasised the scale and scope of the investments expected from this engagement, stating, “We’re looking at over $30 billion investment in the area of agriculture and food security, in the area of aviation investment, and bilateral in the area of airline airspace between Nigeria and Brazil.” He also highlighted agreements in diplomacy, science, technology, innovation, and renewable energy, describing these as “areas that were abandoned in the past” but now rejuvenated through cooperation with Brazil, which faces challenges due to the U.S. tariff regime.
Sani praised President Tinubu’s reforms as critical enablers of this new wave of confidence and investment. “When he came in, a lot of foreign investors were not willing to come to Nigeria because there were a lot of backlogs in the area of forex. No serious investor would come to Nigeria and invest if he could not repatriate his investment and repatriate his own profits,” he said.
He credited the Central Bank of Nigeria’s payment of about $7 billion to clear this backlog as a game-changer that “certainly increased the confidence of investors,” along with the liberalisation of forex policies and removal of fuel subsidies.
The governor also underscored the practical benefits of the agreements, pointing to improved aviation connectivity that will allow direct flights “from Brasilia or Sao Paulo or Rio and get to Lagos or Abuja within seven and a half hours,” a transformative improvement over the 20-plus hour journeys previously endured by travellers between the two countries.
Focusing on Kaduna State’s role, he shared that “our workforce is about 60% agriculture, 43% of our GDP is agriculture,” and with the federal government’s initiatives, especially in livestock development, “subnational will be the number one beneficiary because we own the land. The president is only helping us to have the opportunities.” He expressed confidence that state governors “will seize opportunity and try as much as possible to create jobs, improve productivity, address the issue of poverty,” which aligns with President Tinubu’s broader economic vision.
Governor Uba Sani also highlighted the shared democratic values and economic philosophies binding Nigeria and Brazil. He observed that both leaders, Tinubu and Brazil’s President Lula da Silva, “believe in democracy, believe in the rule of law, believe in ensuring that the economy only be said to be successful if the downtrodden, small businesses are carried along.”
In a significant step to deepen cooperation between Nigeria and Brazil, several key Memoranda of Understanding (MoUs) and agreements were signed by top officials from both countries, covering a broad range of sectors including aviation, diplomacy, science, and finance.
The Minister of Aviation and Aerospace Development of Nigeria, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filho, formalised a Bilateral Air Services Agreement aimed at enhancing trade links and boosting people-to-people exchanges between the two nations.
In the diplomatic arena, Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu, alongside Brazil’s Minister of Foreign Affairs, Ambassador Mauro Vieira, signed an agreement focused on Diplomatic Training Cooperation. The same diplomats also endorsed an MoU for ongoing political consultations, designed to address bilateral, regional, and international issues of mutual concern.
Advancing scientific collaboration, Nigeria’s Minister of Innovation, Science, and Technology, Geoffrey Nnaji, and Brazil’s Minister of Science, Technology, and Innovation, Luciana Santos, entered into an MoU that will foster cooperation across diverse fields such as biotechnology, bioeconomy, ocean science, innovation ecosystems, energy, space development, digital transformation, and raw materials research.
Financial sector cooperation was also strengthened when Ayo Sotinrin, Managing Director of Nigeria’s Bank of Agriculture, and Aluísio Mercadante, Minister for Brazil’s National Bank for Economic and Social Development (BNDES), signed an MoU to promote trade and investment. This agreement aims to harmonise efforts to expand agricultural financing, investment, and development of joint projects between the two countries.
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