The Traffic

Nigeria, Brazil Ministers Push for Deeper South–South Economic Ties in Brasília

Brasília, Brazil — On the sidelines of President Bola Ahmed Tinubu’s State Visit to Brazil, the Vice President of Brazil, H.E. Geraldo Alckmin, and Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, co-chaired a high-level bilateral ministerial meeting in Brasília.

Vice President Alckmin underscored the scale of opportunity between the two nations, stressing that the partnership must evolve beyond traditional economic and political ties. “The opportunities between Nigeria and Brazil are huge and must be tapped into. Beyond trade, we share an inclusive vision of the new world,” he said.

Speaking for Nigeria, Mr. Edun highlighted the urgency of strengthening South–South cooperation in the current global context. “There is a withdrawal from global funding; hence, there is a need for multilateral action. This is a time the Global South must trade more with each other. We live in an era where a rules-based economy is now under a new tariff regime. This situation necessitates Nigeria and Brazil to trade more with one another.”

Mr. Edun also emphasised the transformation under President Tinubu’s economic reforms, which he said have restored stability and investor confidence. “Over the last years, President Tinubu has embarked on economic reforms that have brought about macroeconomic stability that the private sector can take advantage of. Exchange rates have stabilised, and foreign reserves have steadily increased,” he noted.

The Nigerian delegation was strongly represented, with nine ministers present alongside the Governor of the Central Bank of Nigeria, the Director-General of the Bank of Agriculture, and the Director-General of SMEDAN. Ministers in attendance included those responsible for Aviation; Trade and Investment; Livestock; Agriculture (State); Health (State); Information; Defence; Arts, Culture, Tourism and Creative Economy; and Education.

The ministerial bilateral session forms part of the broader agenda of the State Visit, which aims to translate historic ties between Nigeria and Brazil into modern partnerships in agriculture, aviation, energy, trade, and cultural exchange.