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The Digest:

During his state visit to Brazil, President Bola Tinubu announced that Petrobras, the Brazilian state-owned oil company, will soon return to Nigeria.

Key Points:
  • President Tinubu announced Petrobras' imminent return to Nigeria.
  • Petrobras is a Brazilian state-owned oil company.
  • The move is meant to reignite economic cooperation in the energy sector.
  • Tinubu welcomed the company to partner in Nigeria's large gas reserves
  • Petrobras previously operated in Nigeria from 1998 but divested its stakes.
  • The company sold its assets to manage a large debt.
  • Air Peace, a Nigerian airline, will begin direct flights to São Paulo, Brazil.
The return of Petrobras is a key part of the government's push for foreign investment. This renewed partnership signals a potential new era for Nigeria's energy sector and an ambitious step towards The Oil Revival.

Sources: TheCable