AU Summit: Nigeria, Brazil trade volume hits $1.6bn as Tinubu, Lula da Silva hold talks

As the ongoing African Union summit gains momentum, President Bola Tinubu of Nigeria and President Luiz Inácio Lula da Silva of Brazil convened in Addis Ababa, Ethiopia, on Sunday.

According to Ajuri Ngelale, the Special Adviser to President Tinubu on Media and Publicity, their discussions were highly productive, particularly focusing on enhancing bilateral ties across various sectors.

President Lula da Silva noted that although Nigeria and Brazil previously enjoyed a trade volume exceeding $10 billion, it has now declined to $1.6 billion. He expressed his commitment to strengthening bilateral relations.

President Tinubu, in turn, emphasized Nigeria’s economic potential and urged Brazil to tap into the investment opportunities available in Nigeria. He highlighted ongoing reforms aimed at facilitating business and improving critical sectors such as healthcare, education, and agriculture.

Assessing the wealth of natural and human resources in Nigeria comparable to Brazil’s, President Lula da Silva underscored the historical ties between Africa’s largest economy and South America’s largest economy.

He stressed the need for stronger relations between the two nations across various fronts including academia, culture, commerce, agriculture, industry, and trade. He also highlighted the importance of direct flights between Lagos and Sao Paulo and urged collaboration in aviation.

President Tinubu reiterated Nigeria’s readiness to strengthen ties with Brazil and expressed determination to overcome obstacles to business. He acknowledged Brazil’s progressive legacies and emphasized Nigeria’s commitment to implementing similar reforms.

Identifying areas of immediate focus such as solid mineral exploration, agriculture, education, and healthcare, President Tinubu affirmed the willingness of both leaders to collaborate.

The leaders agreed to establish direct air links between the two countries and to form committees to work on joint action plans. They expressed optimism about the future of Brazil-Nigeria relations and agreed to arrange a state visit by President Tinubu to Brazil, following an invitation extended by President Lula da Silva, which was warmly accepted.