Nigeria’s exports, largely oil, cocoa, Uria, and sesame, stood at just below $920 million.
The Nigerian government has engaged investors from the Federative Republic of Brazil with the objective of wooing them to invest in the country’s economy.
This comes as trade between the two countries has declined to $2 billion from the $9 billion that was recorded in 2015.
At a Business Forum held in Abuja on Wednesday on the sidelines of the 2nd Session of the Nigeria-Brazil Strategic Dialogue Mechanism, the Minister of Industry Trade and Investment, Jumoke Oduwole, said Brazil’s exports to Nigeria, from machinery to poultry, crossed $970 million last year. Nigeria’s exports, largely oil, cocoa, Uria, and sesame, stood at just below $920 million.
According to her, investment opportunities for better trading are underutilised by the two countries.
“Nigeria and Brazil are not new to each other. We share cultural, diplomatic, and historical ties that run deep. But in a fast changing global economy, familiarity alone is not a strategy. This is the moment to build structure, to unlock scale, and to pursue concrete results.
“This is what we mean by positioning the Nigeria, Brazil corridor for 21st Century growth, not just more trade, but better trade, not just goodwill, but clear frameworks, measurable impact and co-investment.
“Today, total trade between Nigeria and Brazil sits at just under $2 billion that is a sharp decline from over $9 billion a decade ago, a decline that tells us two things, first, that we have allowed opportunity to slip by us, and second, that the potential for a rebound is real and well within our reach. Brazil’s exports to Nigeria, from machinery to poultry, crossed $970 million last year. Nigeria’s exports, largely oil, Cocoa, Uria, and Sesame, stood at just below $920 million,” Oduwole explained.
She assured the Brazilian government of the readiness of the Nigerian government to do business, highlighting major reforms being made by the government of President Bola Tinubu.
“At the Federal Ministry of Industry, Trade and Investment, our job is not just to track transactions, but to enable transactions. Under President Bola Tinubu renewed Hope Agenda, we are pursuing serious structural reforms, unifying exchange rates, removing the fuel subsidy, signing the investments and Securities Act and launching frameworks to unlock capital across key sectors.
“These are already showing results. Nigeria’s non-oil exports grew by nearly 25% in Q1 of 2025 reaching nearly $1.8 billion. Brazil was our top destination for non oil exports last October. And this tells us two things, first, that the demand is there, and second, that if we get the strategy right, the Nigeria Brazil corridor can be a test case for Africa, Latin America trade at scale.
“Let me take a moment to share our priorities: Agriculture and Agro Industry. We’re investing in irrigated value chains, rice, cassava, sugar, dairy. Brazil’s expertise in ethanol, livestock and agri machinery is a natural match, and the Honorable Ministers responsible for these portfolios are here in the room with us; Digital Trade: Nigeria is proud to serve as the AFCFTA, that’s the African Continental Free Trade Area, digital trade co-champion.
“We are investing in payment infrastructure, cross border e-commerce and digital identity systems, and there is room here for Brazil’s FinTech and logistics solutions to plug in; Creative Economy: Our cultural exports, film, fashion, music, food, are growing. We see room for co-production, licensing and intellectual property monetization across Lagos and Sao Paulo,” she said.
The Nigeria-Brazil Business Forum has in attendance Vice President Kashim Shettima and his counterpart from Brazil, Geraldo Alckmin.
