Vice President Kashim Shettima announced Nigeria’s commitment to quadruple bilateral trade with Brazil to $15 billion by 2030, following strategic discussions at the Nigeria-Brazil Business Forum in Abuja.
The ambitious target represents a significant increase from current trade volumes of approximately $2 billion, marking a recovery from the $9 billion peak achieved a decade ago. Both nations identified agriculture, clean energy, and infrastructure as primary growth sectors for enhanced cooperation.
Brazilian Vice President Geraldo Alckmin confirmed his country’s readiness to partner with Nigeria’s Special Agro-Industrial Processing Zones, which are expected to create 200,000 jobs across agricultural value chains by 2027. The zones will leverage Brazil’s expertise in mechanized farming and processing technologies.
“Our farmers are prepared to operate at unprecedented scales,” Shettima emphasized during the forum. “Brazil’s agricultural transformation provides tested models for Nigeria’s food security objectives while creating export opportunities worth billions of dollars.”
The partnership extends beyond agriculture to encompass Nigeria’s gas-powered energy transition program. Brazilian companies will provide technical expertise for renewable energy projects, potentially attracting $5 billion in clean energy investments over the next five years.
Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, highlighted the corridor’s potential to revitalize manufacturing links between both economies. Current manufacturing trade accounts for only 15% of bilateral exchanges, despite significant capacity in both countries.
Nigeria’s textile, automotive, and technology sectors are positioned to benefit most significantly from the expanded partnership. Brazilian investment in Nigeria’s automotive assembly plants could increase local production capacity by 40%, reducing import dependencies currently valued at $3.2 billion annually.
The agreement includes provisions for youth exchange programs and technical training partnerships, addressing Nigeria’s demographic advantage of having 60% of its population under 30 years old.
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