In a renewed push to strengthen economic ties and reverse a sharp decline in trade, the Nigerian government has reached out to investors from Brazil, highlighting new reforms and untapped opportunities across key sectors.
The engagement took place during a Business Forum held in Abuja on Wednesday, part of the 2nd Session of the Nigeria-Brazil Strategic Dialogue Mechanism.
The event brought together top government officials and business leaders from both nations, including Nigeria’s Vice President Kashim Shettima and Brazilian Vice President Geraldo Alckmin.
Nigeria’s Minister of Industry, Trade, and Investment, Jumoke Oduwole, addressed participants with a candid assessment of the current state of bilateral trade. “Total trade between Nigeria and Brazil is now under $2 billion — a dramatic fall from $9 billion in 2015,” she said. “This signals not only missed opportunities but also enormous room for renewed collaboration.”
According to Oduwole, Brazil exported $970 million worth of goods to Nigeria last year — mainly machinery and poultry — while Nigeria’s exports to Brazil, dominated by oil, cocoa, urea, and sesame, reached just below $920 million.
Despite this downturn, she emphasized that the relationship between the two nations goes beyond trade. “Nigeria and Brazil share long-standing cultural and diplomatic ties, but in a changing global economy, we must go beyond goodwill. We need frameworks that deliver measurable results and real investment,” she said.
The Nigerian government, under President Bola Tinubu’s Renewed Hope Agenda, has rolled out a series of economic reforms to boost investor confidence.
Oduwole highlighted initiatives such as the removal of fuel subsidies, the unification of exchange rates, and the enactment of the Investments and Securities Act.
“These reforms are already bearing fruit,” she noted. “Non-oil exports grew by nearly 25% in the first quarter of 2025, reaching close to $1.8 billion. Notably, Brazil was our top non-oil export destination in October last year.”
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She outlined several priority sectors ripe for Brazil-Nigeria collaboration:
Agriculture and Agro-Industry: Nigeria is investing in irrigated value chains, with particular interest in rice, cassava, sugar, and dairy. Oduwole pointed to Brazil’s global expertise in agri-machinery and ethanol as a natural fit.
Digital Trade: As co-champion of digital trade under the African Continental Free Trade Area (AfCFTA), Nigeria is working on cross-border e-commerce infrastructure and digital ID systems — areas where Brazil’s fintech and logistics sectors could contribute.
Creative Economy: From Nollywood to Afrobeats, Nigeria’s cultural exports are booming. Oduwole called for increased collaboration with Brazil in film, fashion, intellectual property, and co-production opportunities.
The forum’s high-level participation signals strong political will from both countries to reset the trade narrative and forge a modern partnership.
As attention turns to tangible outcomes, both governments appear poised to move beyond rhetoric and into implementation — aiming to turn the Nigeria-Brazil trade corridor into a model for broader Africa-Latin America economic integration.