Mkpoikana Udoma
Port Harcourt — In a bold push to revive South-South economic cooperation, the Federal Government has set its sights on restoring trade with Brazil to the $10 billion peak recorded a decade ago, after volumes slumped to about $2 billion.
Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, who disclosed this, described President Bola Ahmed Tinubu’s official visit to Brazil as a “truly historic and landmark event” that signals a reset of economic and trade relations between the two nations.
“This is a truly historic and landmark event as President Bola Ahmed Tinubu makes this official visit to Brazil,” Edun declared.
“It marks the resetting of economic and trade relations between our two nations, built on deep cultural ties and renewed engagement.
“A decade ago, trade between Nigeria and Brazil stood at $10 billion, but today it has declined to around $2 billion. This re-engagement with President Lula’s team provides a historic opportunity to strengthen ties, expand economic cooperation, and restore trade volumes to levels that reflect the true potential of our two nations.”
Edun led Nigeria’s economic delegation to a high-level Business Roundtable hosted by Citi at its São Paulo headquarters on the sidelines of President Tinubu’s state visit.
The roundtable brought together Brazilian corporates, investors, and Citi executives in a dialogue on boosting bilateral investment flows.
The minister used the platform to present President Tinubu’s economic reform agenda, emphasising fiscal sustainability, unlocking private capital, and driving inclusive growth.
According to him, Nigeria’s demographic dividend, vast consumer market, and government-backed reforms in infrastructure, energy transition, and technological innovation make the country a compelling destination for global investors.
“Our priority is to foster an enabling environment where global investors and Nigerian enterprise can thrive together. Brazil is a natural partner in this journey,” Edun told participants.
Also present at the discussions were the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, and the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso.
