Encouraging small businesses is one of the priority areas of the agreement between Brazil and Nigeria

With booming markets, Brazil and Nigeria have emerged as the largest economies in South America and Africa. To further strengthen trade relations, the two countries signed a Memorandum of Understanding in Brasília on Monday (25), committing to work in 14 priority areas, including stimulating entrepreneurship and developing small businesses. Sebrae, ApexBrasil, and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) signed the partnership in the presence of Vice President Geraldo Alckmin, Minister of Development, Industry, Commerce, and Services.

"We have an avenue of job and investment opportunities. Trade was once greater, but in the last year it increased by 20%, and the trend is for even stronger growth. We are two sister countries. We will cross the Atlantic and work together for the benefit of our people. Development is the new name for peace," commented Vice President Geraldo Alckmin, regarding the productive day of meetings and agreements signed between the two countries.

In his speech, Sebrae president Décio Lima highlighted the similarities between the two countries. "Nigeria has a very similar profile to Brazil. 85% of the companies there are small businesses, and they produce almost 50% of the country's GDP," he stated.

"In Brazil, last year, 1.7 million jobs were created, and 1.3 million came from the small economy. So, it's a crucial relationship because it's inclusive, distributes income, and strengthens what's most important in this situation: removing millions of Brazilians from the Hunger Map."

Décio Lima, president of Sebrae Nacional

Décio Lima also praised the Nigerian delegation's presence at the National Sebrae headquarters. "Here you are visiting the history of the construction of our country and our people. Brazil belongs to you too," he stated.

According to ApexBrasil president Jorge Viana, this is a historic moment for the Brazilian economy. "I have no doubt that Nigeria, which is expected to have a population larger than China's in a few decades, is an important location for cooperation and for Brazil's strategic rapprochement with the African continent. Furthermore, the country is now also a special member of the BRICS, so this is a very special moment," he said.

Jumoke Oduwole, Nigeria's Minister of Industry, Trade, and Investment, celebrated the bilateral agreements. "Nigeria continues to be a favorable environment for trade with Brazilian companies. We are dedicated to strengthening this environment and promoting more economic activity between our nations," she emphasized.

Areas such as agribusiness and agro-industrial development, the creative economy and industrial development, innovation and digital transformation, trade promotion and market access, and investment promotion are among the areas covered by the agreement. The document was signed during the Brazil-Nigeria Business Forum, an event that was part of Nigerian President Bola Tinubu's official visit to Brazil, attended by approximately 200 businesspeople and investors from both countries.

The initiative was promoted by the Brazilian Trade and Investment Promotion Agency (ApexBrasil), the Ministries of Development, Industry, Commerce and Services (MDIC) and Foreign Affairs (MRE), in partnership with Sebrae, the Nigerian Ministry of Foreign Affairs, and the Nigerian Investment Promotion Commission (NIPC). During the meeting, various panels were held to discuss opportunities in food security; new industries and energy transition; strategic partnerships and innovation in health; and trade and investment facilitation through finance and business development.

Strategic partnership

In the morning, Sebrae President Décio Lima attended the official welcoming ceremony for the Nigerian delegation at the Planalto Palace. During the meeting, Presidents Lula and Tinubu, accompanied by ministers and governors, signed bilateral agreements focused on strengthening diplomatic and economic relations.

"Today, we are signing five more agreements in the areas of culture, air services, defense, and technology. And political dialogue. At this time, when protectionism and multinationalism are resurgent, Nigeria and Brazil reaffirm their commitment to free trade and productive integration ”, celebrated the president of Brazil.

Tinubu expressed his gratitude for the welcome and noted that Brazil and Nigeria have come together to grow economically together. "Technology transfer, energy, and the economy are topics we can share, benefiting both countries and expanding opportunities for all," he said.

Brazil-Nigeria relationship

In 2024, Brazil and Nigeria will celebrate 65 years of diplomatic relations. Last year, Nigeria ranked as Brazil's fourth largest trading partner on the African continent, registering a bilateral trade flow of US$2 billion, a 20% increase compared to 2023. . Among the main products exported by Brazil are sugar and molasses, while imports are concentrated in fertilizers, petroleum and derivatives.