The engagement took place during a Business Forum held in Abuja on Wednesday, part of the 2nd Session of the Nigeria-Brazil Strategic Dialogue Mechanism.
The event brought together top government officials and business leaders from both nations, including Nigeria’s Vice President Kashim Shettima and Brazilian Vice President Geraldo Alckmin.
Nigeria’s Minister of Industry, Trade, and Investment, Jumoke Oduwole, addressed participants with a candid assessment of the current state of bilateral trade. “Total trade between Nigeria and Brazil is now under $2 billion — a dramatic fall from $9 billion in 2015,” she said. “This signals not only missed opportunities but also enormous room for renewed collaboration.”
According to Oduwole, Brazil exported $970 million worth of goods to Nigeria last year — mainly machinery and poultry — while Nigeria’s exports to Brazil, dominated by oil, cocoa, urea, and sesame, reached just below $920 million.
