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BREAKING : One-Year Anniversary: Tinubu is Ready to Fire Any Minister that Fails to Deliver on His Administration’s Eight-Point Agenda, Says Onanuga
President Bola Tinubu is ready to fire underperforming ministers who fail to deliver on targets set for them, the Presidency has said.
The Special Adviser on Information and Strategy to the President, Bayo Onanuga, speaking in an exclusive interview with Media team, said though the President was yet to decide on the ministers’ performances, he had told them to deliver on his administration’s eight-point agenda. He added that those found wanting would be asked to leave the cabinet.
Onanuga also rated the performance of the administration high as it approaches its first year in office, giving it a score of 70 per cent.
He said when President Tinubu took over, Nigeria was using 97 per cent of its revenue to service debt, and was borrowing for recurrent expenditure, which include the payment of salaries, adding that the administration brought the nation back from the brink of economic collapse with the implementation of bold policies, such as the removal of fuel subsidy, and the unification of the exchange rate.
President Bola Tinubu, had while inaugurating his 48 ministers, advisers, and other aides, urged them to put aside their personal interests and focus on his government’s immediate concern of pulling Nigeria out of poverty.
The President gave the advice at the close of a three-day retreat for ministers, permanent secretaries, presidential aides, and other top government officials at the State House, Abuja, last year after they were appointed.
He told the participants that they had the responsibility of changing the narrative about the country, noting that if they had any problem with Nigeria, they should have a conversation about it.
President Tinubu stressed the need for the officials to bond and ensure that the country recovered from ‘elephantiasis’.
He said, “We have gathered here to shape the future, no threat about it. The responsibilities we bear are not just titles; they are the hopes and aspirations of millions of Nigerians.
“You might be ready to forget about the rest of the world but as a Nigerian, let’s go out there, let’s bond together and make sure our country is fully recovered from elephantiasis.
“Let me remind you that you are not here to make excuses; neither am I. I am your friend, brother, father and grandfather.
“You must put outside personal ambitions and focus on the progress of our nation. It is through this that we can be truly proud. I am proud to stand before you. I am very proud of all of you. And, I am proud of myself too. I contested the election and won with your support. They took me to court, and I won.”
The President also extracted the commitment of the ministers and other government officials to work together as a team to achieve the goals of his government, asking, “We are about to close this three-day cabinet retreat, are we proud that we are Nigerians? Are we sure that we’ve done this? Is the responsibility of the permanent secretary clear in partnership with the minister? Are we one family?
“Since we are one family and one nation, and we are in this vehicle together to change the narrative and bring about the economic prosperity of our country. Are we ready?”
The President further told his ministers and other aides, “We have a responsibility to our country to make sure we completely change the narrative about Nigeria.
“If we have problems, let’s talk to one another. Let’s have gentle conversations about our country. It is not about ‘just leave me alone, I’m going home’; you may not have a home.
“There’s nothing you can do successfully without good healthcare and poverty reduction. Like I said before, poverty is not a shameful thing, but it is not acceptable. Are we going to dig our people out of it?”.
There has, however, been some disquiet around the country as Tinubu counts days to his first anniversary.
From rising inflation to insecurity and a shaky exchange rate, the country, according to analysts, still has a long way to go.
Although the President inherited a struggling economy, he promised to get it running in no time.
Tinubu, in his 80-page policy document, highlighted an eight-point agenda, with national security and economy topping the list.
Others include agriculture, power, oil and gas, transportation, and education.
In his manifesto, Tinubu said his objective was to foster a new society based on shared prosperity, tolerance, compassion, and the unwavering commitment to treating each citizen with equal respect and due regard.
He promised to build a Nigeria, especially for the youth, where sufficient jobs with decent wages create a better life.
He said, “Manufacture, create and invent more of the goods and services we require. Nigeria shall be known as a nation of creators, not just of consumers. Export more and import less, strengthening both the naira and our way of life. Continue assisting our ever-toiling farmers, through enlightened agricultural policies that promote productivity and assure decent incomes, so that farmers can support their families and feed the nation.
“Modernise and expand public infrastructure so that the rest of the economy can grow at an optimal rate.
“Embolden and support our young people and women by harnessing emerging sectors such as the digital economy, entertainment, culture and tourism, and others to build the Nigeria of tomorrow, today.
“Train and give economic opportunities to the poorest and most vulnerable among us. We seek a Nigeria where no parent is compelled to send a child to bed hungry, worried whether tomorrow will bring food.”
He also vowed that his government would generate, transmit and distribute sufficient, affordable electricity to give people the requisite power to enlighten their lives, homes, and dreams.
“Make basic healthcare, education, and housing accessible and affordable for all; and, most importantly, establish a bold and assertive policy that will create a strong yet adaptive national security architecture and action to obliterate terror, kidnapping, banditry, and all other forms of violent extremism from the face of our nation.”
On May 29, as he was sworn in, the president removed petrol subsidy, which many economic analysts said was responsible for corruption and waste in the oil sector.
This was greeted by outrage, with protests erupting in several locations as a result of the high cost of Premium Motor Spirit, transportation, and food items.
Inflation rose astronomically and has continued to do so month-on-month.
As of April 2024, the headline inflation rate increased to 33.69 per cent relative to the March 2024 headline inflation rate, which was 33.20 per cent, according to the National Bureau of Statistics.
In February, the headline inflation rate increased to 31.70 per cent relative to the January 2024 headline inflation rate, which was 29.90 per cent.
Meanwhile, the February 2024 headline inflation rate showed an increase of 1.80 per cent (five points), when compared to the January 2024 headline inflation .
Unemployment also rose to about 4.1 per cent, with over 60 per cent of the youth either unemployed or underemployed.
In commemoration of his first anniversary in office, Tinubu directed his ministers to present their performance reports to Nigerians.
The Minister of Information and National Orientation, Mohammed Idris, while announcing this at a press briefing in Abuja on Wednesday, said the low-key first-anniversary celebration would be marked with sectoral media briefings by the 47 federal ministers.
Idris was joined at the press conference by the Secretary to the Government of the Federation, Senator George Akume; and the Minister of Budget and Economic Planning, Abubakar Bagudu.
On January 24, 2024, the agency in charge of the assessment, the Central Delivery Coordination Unit, trained at least 140 officials to track and assess the performance of federal ministries, departments and agencies ahead of the assessment.
Speaking on Arise TV’s News Night programme in April, the President’s Special Adviser on Policy Coordination, Hadiza Bala-Usman, who also heads the CDCU, affirmed that the unit had received performance reports from at least 20 ministries.
She explained that the assessment report would be the joint effort of the ministers, citizens and industry experts.
Meanwhile, in April, the Presidency unveiled a citizens’ feedback platform in a bid to get a ‘strong feedback loop between citizens and government’ on the eight priority areas of the current administration.
Bala-Usman, who disclosed this at the Go-Live event of the CDT held in Abuja that month, said the creation of the application was informed by President Tinubu’s decision to assess his ministers and heads of agencies based on key performance indicators.
Bala-Usman added that the eight priority areas for the assessment of the ministers’ performances in the App included reforming the economy to deliver sustained inclusive growth, strengthening national security for peace and prosperity, boosting agriculture to achieve food security, and unlocking energy and natural resources for sustainable development.
Others are to enhance infrastructure and transportation as enablers of growth; focus on education, health, and social investment as essential pillars of development; accelerate diversification through industrialisation, digitisation, creative arts, manufacturing and innovation; and improve governance for effective service delivery.
Also, in an interview in October 2023, Bala-Usman provided extensive details about the application and its expected deliverables.
She had said, “We are going to deploy an application— a software— where citizens can report back on project-based deliverables that the Federal Government has committed to doing within the period to 2024.”
Detailing the process at the time, she said, “We sat with the Office of the Secretary to the Government of the Federation. We have worked effectively to define the exact deliverables for each ministry.
“Those deliverables cascade to the agencies of government. So, for example, you have deliverables for the health sector, and everything that is contained within the value chain or the ecosystem within that sector will be contained within the deliverables.
“Those deliverables are translated into key performance indicators for the respective ministries. Once you have your key performance indicators, you’re able to clearly understand what your deliverables are over the period of the four years of the administration.”
However, an analysis of the feedback reports from the application made available to our correspondence showed that some Nigerians rated the Minister of Power, Adebayo Adelabu; Minister of Defence, Mohammed Badaru Abubakar; Minister of Education, Prof Tahir Mamman; and the Minister of Agriculture and Rural Development, Mohammad Abubakar, very poorly, giving each of them one mark out of a possible five.
However, Onanuga insisted that the President had done well given what he met on the ground.
While promising that the administration would deliver more on its promises in the next 12 months, the president’s Special Adviser on Information and Strategy said Tinubu would sack ministers who failed to perform and meet the targets set for them.
He said, “President Tinubu has already told them (the ministers) they will go if they can’t perform. He told them at the retreat last year that the government has an eight-point agenda, and he expects the ministers to deliver on it. Those who are found wanting would have to go. But, as of today, the President has not made any decision on that.”
Onanuga also stated that while the President had not announced that he would reshuffle his cabinet, he wanted them to be accountable, adding that that was why he asked them to present their scorecards, even though they had only spent eight months in office.
“The president has not said he is going to reshuffle. Let me explain something. None of those ministers have spent one year in office. They came in last August. The president wants them to be accountable. That’s why he told them to come out and give their scorecards, to talk about what they have done in the last eight months. When you see what they have done, you cannot but give this government, in its first year, a 7/10 for the various achievements that his ministers and, by extension, his government have achieved.”
However, the main opposition party, the Peoples Democratic Party does not see anything good to cheer about the one year in office of President Tinubu.
Faulting claims by the All Progressives Congress that President Tinubu had done very well and that Nigerians would rate him highly, the Acting National Chairman of the PDP, Umar Damagum, described the first year stewardship of the president as ‘an abysmal failure’.
Also reacting, the Deputy President of the Labour Party, Ayo Olorunfemi, said the presidency was only deceiving Nigerians to think that President Bola Tinubu had done well in his first year in office.
He criticised the president and the APC, saying Tinubu’s administration had only taken citizens from ‘frying pan to fire’.
He said, “They have done well to themselves as a nuclear family. They are nuclear families. Nigeria is roasting in poverty, people can no longer feed, hopelessness has taken over the land, and anarchy is taking over. So, what is it that he has done? What is it that this government and its political party have done in the past nine years?
“They took us from frying pan to fire. That is exactly what they have done in the past nine years. I don’t think they have done anything good. They are just deceiving us, believing that Nigerians are fools.”
In his reaction, a public affairs analyst, Dr Emma Jimo, in an interview with media house, highlighted the government’s failure to address basic needs despite promises of renewed hope.
He said, “Pick education, for example. The government is performing poorly. Maybe the highest point is the government taking responsibility to pay the backlogs of the previous government’s indebtedness to ASUU. Even at that, it is still poor. Aside from that, look at what binds all Nigerians together – the economy.
“This government is performing poorly on the standard of living. The cost of living has gone up astronomically. The measures put in place to run the economy have not been working. They failed woefully, and they are still failing.”
In a similar vein, another analyst, Dr Anthony Ahmedun. Said that the current administration had disappointed Nigerians with its performance in one year, adding that it had continuously made poor decisions that were rejected by the citizens.
The academic said, “I had believed the Tinubu-led government would be able to take Nigeria to a greater height from the mess the previous administrations left us, looking at his (Tinubu’s) experience in politics, and especially his role in Lagos State. But to my utmost disappointment, the current administration has not met expectations at all.
“Economy wise, especially, because I felt he was coming in with the economic idea of Lagos, and should be able to help the economy of Nigeria. But, he has not been able to do so in any way. We can see how unstable the naira has been. We have also seen some wrong decisions taken, such as naira devaluation and subsidy removal.”
Nigeria’s quest to secure a Category ‘C’ seat on the International Maritime Organization (IMO) Council for the 2026/2027 biennium received a major boost today as the Government of Switzerland formally pledged its support.
The Honourable Minister of Marine and Blue Economy, H.E. Adegboyega Oyetola, CON, received the letter of endorsement during a courtesy visit by the Swiss Ambassador to Nigeria, H.E. Patrick Felix Egloff, at the Ministry’s headquarters in Abuja.
Expressing his delight, Oyetola described the Swiss government’s backing as “a significant milestone in Nigeria’s campaign and a strong testament to the Federal Government’s commitment to upholding international maritime standards.”
According to the Minister, Nigeria’s election into the IMO Council would further strengthen global efforts towards building “a more robust, safe, and sustainable maritime industry.”
Highlighting Nigeria’s maritime potential, Oyetola disclosed that the country boasts 200 nautical miles of Exclusive Economic Zone and an extended continental shelf of 16,300km, positioning it as a strategic maritime nation.
“With these vast endowments, Nigeria, by any standard, is a maritime nation. That’s why the Ministry, in collaboration with the World Bank, AU-IBAR, the Kingdom of Norway, and other stakeholders, has developed a comprehensive National Policy on Marine and Blue Economy capable of standing the test of time,” he stated.
Oyetola further revealed that the Federal Government is adopting a Public-Private Partnership (PPP) model to drive rapid investments in the maritime sector. These include inland waterways development, supply of boats, dredging, and navigation infrastructure.
On maritime security, the Minister emphasized the success of the Deep Blue Project, Nigeria’s state-of-the-art surveillance initiative:
“For the past three years, there has been zero piracy in our waters, and we’re committed to sustaining this achievement. We’re also working with other Gulf of Guinea countries to extend safety and security beyond our national waters.”
In his remarks, Ambassador Egloff noted that Switzerland’s decision to endorse Nigeria followed an earlier request from the Ministry in April 2025.
“I’m very glad to convey this letter of support. Switzerland is very happy to stand with Nigeria. You’re a strong candidate, and we appreciate your commitment to multilateralism and the maritime sector. Nigeria plays a very important role globally,” he affirmed.
With Switzerland’s endorsement, Nigeria’s campaign for the IMO Category ‘C’ Council seat gains further international momentum ahead of the elections slated for October/November 2025.
President Bola Ahmed Tinubu returned to Abuja around 1:20am on Thursday after concluding a three-day state visit to Brazil that yielded a raft of bilateral agreements and high-level engagements aimed at deepening Nigeria’s economic and diplomatic ties with South America’s largest economy.
The President, who arrived aboard the presidential jet, was received at the Presidential Wing of the Nnamdi Azikiwe International Airport by a high-powered delegation of political leaders and senior government officials.
Among those present were Governors Caleb Mutfwang (Plateau); Uba Sani (Kaduna); Hope Uzodinma (Imo) and AbdulRahman AbdulRazaq (Kwara).
Also on hand to welcome the President were Speaker of the House of Representatives, Tajudeen Abbas; Deputy Senate President, Barau Jibrin; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser, Nuhu Ribadu; and some Ministers, including Nyesom Wike (FCT); Abubakar Atiku Bagudu (Budget and Economic Planning) and Bello Matawalle (Defence, State).
President Tinubu’s visit to Brazil was marked by the signing of five Memoranda of Understanding (MoUs) covering aviation, trade, science, diplomacy, and finance.
At a joint press conference in Brasília, he welcomed the imminent return of Petrobras, Brazil’s state-owned oil giant, to Nigeria—five years after it halted its joint ventures.
“We have the largest gas repository. So I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done,” he said.
The agreements also included a Bilateral Air Services Agreement, paving the way for direct flights between Lagos and São Paulo, to be operated by Air Peace.
Other MoUs targeted political consultations, scientific collaboration, and agricultural financing through Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development.
Beyond the MoUs, President Tinubu underscored his administration’s economic reforms, assuring Brazilian investors of a stable, transparent financial climate.
He cited Nigeria’s capital market growth as evidence of renewed investor confidence and pledged continued reforms to “unlock capital, protect investors, and drive innovation.”
In a meeting with Nigerians in Brazil, Tinubu called on the diaspora to contribute actively to nation-building, pledging technology-driven development and food security as the pillars of a prosperous future.
“We must bring Nigeria to the forefront of Africa’s progress, driven by technology, food sovereignty, and the courage to change our destiny,” he told the gathering.
The visit, which featured red-carpet honours, bilateral meetings with President Luiz Inácio Lula da Silva, and cultural engagements, signalled what both leaders described as a new era in Nigeria–Brazil relations.
Tinubu’s state visit to Brazil was preceded by his participation at the recently concluded ninth edition of the Tokyo International Conference on African Development (TICAD9).
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Symbolic gestures to tangible cooperation, Air Peace clearance, Oil giant Petrobras return is key gain of Tinubu’s Brazil visit, Says Onanuga
……Air Peace clearance for Lagos-Sao Paulo direct flights excites President
The return of Brazil’s oil giant, Petrobras, to Nigeria’s upstream is a major breakthrough recorded by President Bola Ahmed Tinubu’s two-day state visit to the largest economy in South America, Minister of Information and National Orientation Mohammed Idris said yesterday.
Besides, Nigeria’s largest airline, Air Peace, was given the right to commence Lagos-Sao Paulo flights to underscore the renewed economic and cultural ties between the two countries.
Sao Paulo is Brazil’s economic powerhouse and largest city.
Air Peace Chief Executive Officer, Allen Onyema, said the airline would deploy a Boeing 777 from its fleet to service the route.
A symbolic flight was planned for last night.
These agreements are part of the Memoranda of Understanding (MoUs) signed by the two countries during the President’s third visit to Brazil in less than one year.
His two earlier visits were on invitations extended to Nigeria by G-20 and BRICS.
“Air Peace is now cleared to run flights between Lagos and Sao Paulo”, Brazilian President, Luiz Inácio Lula da Silva, declared to the excitement of President Tinubu at a joint news conference at the Palácio do Planalto in Brasília to round off the visit.
According to Presidential spokesman, Bayo Onanuga, President Tinubu said the resumption of Petrobras’ operations five years after it halted joint ventures in Nigeria, would reignite economic cooperation in the energy sector.
“We have the largest gas repository. So, I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done as soon as possible,” Tinubu said.
The President praised his Brazilian counterpart for committing to revitalising the partnership between the two nations.
“Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies,” Tinubu said, while acknowledging Embraer’s role in boosting local airline operations through plans for a service centre in Nigeria to support maintenance and repairs.
Reflecting on his past engagements in Brazil, Tinubu urged a shift from symbolic gestures to tangible cooperation.
“Honourable Ministers of both countries, members of the Brazil Business Group, I have listened carefully to my friend, President Lula. We had a lengthy discussion. We talked about history and about African and Brazilian heritage.
“We tried to see why we are not at the level we wanted. We have allowed some problems and activities in the past to deter us from making progress and fulfilling our promises. But today, we say that is the end of that,” he said.
Tinubu stressed Nigeria’s readiness to partner Brazil in technology transfer, food security, renewable energy, and manufacturing.
“Today, we are fighting and working hard to bring our sovereignty to the level of expectation that we, as a nation, the most populous, the most dynamic country, share with Brazil. We need to share—technology transfer, energy, economy — so Brazil can continue to widen opportunities for us to embrace Africa. Africa is the new frontier,” he said.
The President also called for knowledge sharing in pharmaceuticals, saying “we have elevated this promise to the path of reality, as you have seen in various MOUs. I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria.
“I don’t see why the technological superiority of Brazil is not shared with Africa. We assured each other that only we can develop our economies to help our sovereignty”, President Tinubu said.
Highlighting the reforms at home, Tinubu assured Brazilian investors of a new era in Nigeria’s economy.
“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, but today the result is blossoming. It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption.
“We have the governor of the Central Bank of Nigeria here. You don’t have to know him before getting the foreign exchange you need. The speculators are out. In our currency market, the door is open for businesses,” he said.
President Lula described the renewed Brazil–Nigeria engagement as timely in an era of rising protectionism.
“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration. We continue to be dedicated to building a world of peace, free from hegemonic impositions.
“There are many possibilities for synergy between the world’s two largest countries with black populations. Agriculture and livestock, oil and gas, fertilisers, aircraft, and machinery, among others, represent wide avenues for cooperation.
“Increasing direct connections between Nigeria and Brazil is another essential step to strengthen the ties between our societies. We have approved the launch of a direct flight, to be operated by Nigeria’s largest airline company, Air Peace, between Lagos and São Paulo,” he said.
The following MoUs were signed between the two countries:
*Bilateral Air Services Agreement by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos.
*Diplomatic Training Cooperation and MoU on political consultations were signed by Minister of State for Foreign Affairs of Nigeria, Ambassador Bianca Odumegwu-Ojukwu, and her Brazilian counterpart, Ambassador Mauro Vieira.
Nnaji, and Brazil’s Luciana Santos.
*The Managing Director of Nigeria’s Bank of Agriculture, Ayo Sotinrin, and Brazil’s Minister for National Bank for Economic and Social Development (BNDES), Aluísio Mercadante, signed an MOU for cooperation on trade and investment promotion, harmonising efforts to expand agricultural financing, investment, and joint projects.
Nigeria is currently Brazil’s 49th largest export destination, with trade between both countries reaching $2.1 billion in 2024.
Following the agreements, President Tinubu attended a state luncheon, hosted at the Itamaraty Palace.
Mohammed Idris: BASA to deepen ties
Minister of Information and National Orientation, Mohammed Idris, described the Bilateral Air Services Agreement (BASA) signed between Nigeria and Brazil as a significant breakthrough that will reconnect the two countries economically, socially, and culturally.
He described BASA as representing more than aviation.
“The 350 years of slavery between Africa and Brazil is being looked at again by the two leaders. And one way of looking at it is to ensure there is now a reconnection – economic, financial, social, cultural, whichever sphere. I think this is the best way to really go past what has happened during the period of slavery,” the minister said.
He noted that President Tinubu’s fourth meeting with President Lula in just over a year underscored the growing partnership between the two nations, which he said would also benefit Africa.
The minister said immediate “quick wins” from the agreement were already being realised, with a symbolic flight planned from Brazil to Abuja at midnight on Tuesday.
He noted that the direct link would reduce travel time between the two countries from more than 24 hours through European routes to about seven hours.
“Once this becomes commercially viable, it will not just enhance trade between the two countries, it will also improve the cultural and social cooperation that already exists,” he added.
Onyema, who described the BASA agreement as “a milestone,” said: “We cannot start daily flights for now, but we want to start with three weekly flights. As we go on, we develop the route and we’re going to increase the frequency. We told the Brazilians that we want to do Lagos, Rio, São Paulo and back to Lagos”.
The Air Peace chief emphasised that aviation would serve as a catalyst for unlocking the economic potential of both nations.
“The Brazilian economy is the largest in Latin America. The Nigerian economy is one of the largest in Africa. They need to tap into this. But without aviation, it’s very, very difficult for some of these things to be actualised,” Onyema said.
Boeing 777 for route
Speaking in an interview, Onyema said: “Nigerian aviation is grateful to President Tinubu for all he has been doing for the industry.
Air Peace has had long relation with Brazil as the biggest customer to Brazillian airplane maker, Embraer.
Air Peace signed a firm order for 13 Embraer E195-E2 jets in 2019, with the delivery of the first aircraft in early 2021. This was part of a larger agreement that included purchase rights for 17 additional aircraft of the same type, bringing the total potential order to 30 jets. The airline is the first African carrier to operate this new generation of Embraer aircraft.
Besides buying aeroplanes, Air Peace is fine-tuning strategies for the setting up of an aircraft maintenance facility in Nigeria.
Embraer, a few years ago, unveiled plans to establish an MRO (Maintenance, Repair, and Overhaul) facility in Nigeria, in partnership with Air Peace. This initiative is part of a broader maintenance deal with the Nigerian airline to provide local maintenance support for its growing fleet of Embraer aircraft, aiming to conserve foreign exchange for airlines and create jobs in Nigeria.
As one of Nigeria’s biggest flag carriers , Air Peace is designated on Lagos/ London, Dubai, Johannesburg, Tel Aviv, China, Mumbai, Antigua and Barbuda,
Air Peace serves 20 major cities in Nigeria and many regional destinations throughout West Africa (Accra, Dakar, Douala Freetown, Banjul, and Monrovia.
Petróleo Brasileiro S.A., better known by and trading as the portmanteau Petrobras, is a Brazilian majority state-owned multinational corporation in the petroleum industry headquartered in Rio de Janeiro. The company’s name translates to Brazilian Petroleum Corporation — Petrobras.
Petrobras began operations in Nigeria in 1998 in the deep waters off the Niger Delta. It sold its stakes more than 10 years ago to raise cash for domestic projects. Since then, Nigeria has been working to address some of the problems that have limited oil and gas output.
Petrobras stopped business in Nigeria five years ago.
The company was ranked #71 in the 2023 Fortune Global 500 list. In the 2023 Forbes Global 2000, Petrobras was ranked as the 58th-largest public company in the world.
Petrobras was created in 1953 under the government of Brazilian president Getúlio Vargas with the slogan “The Oil is Ours”. It was given a legal monopoly in Brazil.
In 2000, Petrobras set a world record for oil exploration in deep waters, reaching a depth of 1,877 metres (6,158 ft) below sea level. In 2002, Petrobras acquired the Argentine company Perez Companc Energía (PECOM Energía S.A.) from the Perez Companc Family Group and its family foundation for $1.18 billion.
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