In a statement on Wednesday, Shettima lauded the presence of significant Brazilian government officials in Nigeria to discuss the proposal.

According to the statement, the discussions during the inter-ministerial review meeting, at the presidential villa, Abuja, coordinated Nigeria’s preparations for the second session of the Brazil Strategic Dialogue Mechanism (SDM), scheduled for June.

“As the economic reforms of the administration of President Bola Tinubu take root, the company, which had previously wound down its operations in Nigeria at the Agbami Field – is now actively engaging with Nigerian authorities as part of broader efforts to revitalise bilateral cooperation ahead of the 2025 Nigeria–Brazil Strategic Dialogue Mechanism (SDM),” the statement reads.

“The presence of six ministers and the Solicitor-General of the Federation in this review meeting ahead of the second session of tm shows the importance we have attached to our relationship with Brazil.

“We have not maximally capitalised on the fraternity between us and Brazil, but it is better late than never. The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding (MoUs) and unlock investment flows.”

Petrobras, which began operations in Nigeria in 1998, eventually sold off its stakes decades later, to raise cash for domestic projects.

In May 2017, Petrobras divest $21 billion worth of assets, following a dramatic in the company’s debt to $100 billion at the time.