Nigeria, Brazil Sign Agreement to Boost Trade, Investment

Petroleo Brasileiro SA (PETR4) expects to expand oil production in Nigeria as the Rio de Janeiro-based company looks to strengthen its presence in Africa’s top oil producer.

“Petrobras has been producing oil in Nigeria for 14 years, and expects to increase production,” Brazilian President Dilma Rousseff said today during a speech in Abuja, Nigeria’s capital. “Petrobras expects to establish an ever-stronger presence here in Nigeria.”

Trade between Brazil, South America’s biggest economy, and Nigeria, Africa’s most populous country, is $9 billion a year. Nigerian President Goodluck Jonathan and Rousseff signed an agreement to boost cooperation on energy, aviation, agriculture, electricity, infrastructure development and defense.

The two leaders “pledged to work together toward attaining a more balanced, diverse and mutually beneficial trade relationship,” according to a joint statement issued after they held talks today.

-- Editors: John Deane, Kristen Hallam

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editors responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net; Dick Schumacher at dschumacher@bloomberg.net

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