The Nigerian government has stepped up efforts to attract Brazilian investment, as trade volumes between both countries plummet from $9 billion in 2015 to just $2 billion.
Speaking at a business forum in Abuja on Wednesday, Industry, Trade and Investment Minister Jumoke Oduwole acknowledged the slump, but highlighted opportunities for revival. Brazil’s exports to Nigeria reached $970 million last year, while Nigeria’s—mostly oil, cocoa, urea and sesame—stood at just under $920 million.
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The minister said both countries were under-trading and stressed Nigeria’s readiness to engage, citing President Bola Tinubu’s ongoing reforms, including subsidy removal and foreign exchange unification.
She noted a 25% rise in non-oil exports in Q1 2025 and described Brazil as a key destination. Agriculture, agro-industry and digital trade were listed as top priorities.
Vice President Kashim Shettima and Brazil’s Vice President Geraldo Alckmin were both present at the high-level event.
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