World

Nigeria Exploring Economic Potential in South America, Particularly Brazil

Published

2 months ago

25/02/2026

By Kestér Kenn Klomegâh

In this interview, Uche Uzoigwe, Secretary-General of NIDOA-Brazil, discusses the economic potential in South America, particularly Brazil, and investment incentives for Brazilian corporate partners for the Federal Republic of Nigeria (FRN). Follow the discussion here:

How would you assess the economic potential in the South American region, particularly Brazil, for the Federal Republic of Nigeria? What investment incentives does Nigeria have for potential corporate partners from Brazil?

As the Secretary of NIDOA Brazil, my response to the questions regarding the economic potentials in South America, particularly Brazil, and investment incentives for Brazilian corporate partners would be as follows:

Brazil, as the largest economy in South America, presents significant opportunities for the Federal Republic of Nigeria. The country’s diverse economy is characterised by key sectors such as agriculture, mining, energy, and technology. Here are some factors to consider:

Natural Resources: Brazil is rich in natural resources like iron ore, soybeans, and biofuels, which can be beneficial to Nigeria in terms of trade and resource exchange.
Growing Agricultural Sector: With a well-established agricultural sector, Brazil offers potential collaboration in agri-tech and food security initiatives, which align with Nigeria’s goals for agricultural development.
Market Size: Brazil boasts a large consumer market with a growing middle class. This represents opportunities for Nigerian businesses looking to export goods and services to new markets.
Investment in Infrastructure: Brazil has made significant investments in infrastructure, which could create opportunities for Nigerian firms in construction, engineering, and technology sectors.
Cultural and Economic Ties: There are historical and cultural ties between Nigeria and Brazil, especially considering the African diaspora in Brazil. This can facilitate easier business partnerships and collaborations.

In terms of investment incentives for potential corporate partners from Brazil, Nigeria offers several attractive incentives for Brazilian corporate partners, including:

Tax Incentives: Various tax holidays and concessions are available under the Nigerian government’s investment promotion laws, particularly in key sectors like agriculture, manufacturing, and technology.
Repatriation of Profits: Brazil-based companies investing in Nigeria can repatriate profits without restrictions, thus enhancing their financial viability.
Access to the African Market: Investment in Nigeria allows Brazilian companies to access the broader African market, benefiting from Nigeria’s membership in regional trade agreements such as ECOWAS.
Free Trade Zones: Nigeria has established free trade zones that offer companies the chance to operate with reduced tariffs and fewer regulatory burdens.
Support for Innovation: The Nigerian government encourages innovation and technology transfer, making it attractive for Brazilian firms in the tech sector to collaborate, particularly in fintech and agriculture technology.
Collaborative Ventures: Opportunities exist for joint ventures with local firms, leveraging local knowledge and networks to navigate the business landscape effectively.

In conclusion, fostering a collaborative relationship between Nigeria and Brazil can unlock numerous economic opportunities, leading to mutual growth and development in various sectors. We welcome potential Brazilian investors to explore these opportunities and contribute to our shared economic goals.

In terms of this economic cooperation and trade, what would you say are the current practical achievements, with supporting strategies and systemic engagement from NIDOA?

As the Secretary of NIDOA Brazil, I would highlight the current practical achievements in economic cooperation and trade between Nigeria and Brazil, alongside the supporting strategies and systemic engagement from NIDOA.

Here are some key points:

Current Practical Achievements

Increased Bilateral Trade: There has been a notable increase in bilateral trade volume between Nigeria and Brazil, particularly in sectors such as agriculture, textiles, and technology. Recent trade agreements and discussions have facilitated smoother trade relations.
Joint Ventures and Partnerships: Successful joint ventures have been established between Brazilian and Nigerian companies, particularly in agriculture (e.g., collaboration in soybean production and agricultural technology) and energy (renewables, oil, and gas), demonstrating commitment to mutual development.
Investment in Infrastructure Development: Brazilian construction firms have been involved in key infrastructure projects in Nigeria, contributing to building roads, bridges, and facilities that enhance connectivity and economic activity.
Cultural and Educational Exchange Programs: Programs facilitating educational exchange and cultural cooperation have led to strengthened ties. Brazilian universities have partnered with Nigerian institutions to promote knowledge transfer in various fields, including science, technology, and arts.

Supporting Strategies

Strategic Trade Dialogue: NIDOA has initiated regular dialogues between trade ministries of both nations to discuss trade barriers, potential markets, and cooperative opportunities, ensuring both countries are aligned in their economic goals.
Investment Promotion Initiatives: Targeted initiatives have been established to promote Brazil as an investment destination for Nigerian businesses and vice versa. This includes showcasing success stories at international trade fairs and business forums.
Capacity Building and Technical Assistance: NIDOA has offered capacity-building programs focused on enhancing Nigeria’s capabilities in agriculture and technology, leveraging Brazil’s expertise and sustainable practices.
Policy Advocacy: Continuous advocacy for favourable trade policies has been a key focus for NIDOA, working to reduce tariffs and promote economic reforms that facilitate investment and trade flows.

Systemic Engagement

Public-Private Partnerships (PPPs): Engaging the private sector through PPPs has been essential in mobilising resources for development projects. NIDOA has actively facilitated partnerships that leverage both public and private investments.
Trade Missions and Business Delegations: Organised trade missions to Brazil for Nigerian businesses and vice versa, allowing for direct engagement with potential partners, fostering trust and opening new channels for trade.
Monitoring and Evaluation: NIDOA implements a rigorous monitoring and evaluation framework to assess the impact of various initiatives and make necessary adjustments to strategies, ensuring effectiveness in achieving economic cooperation goals.

Through these practical achievements, supporting strategies, and systemic engagement, NIDOA continues to play a pivotal role in enhancing economic cooperation and trade between Nigeria and Brazil. By fostering collaboration and leveraging shared resources, we aim to create a sustainable and mutually beneficial economic environment that promotes growth for both nations.

Do you think the changing geopolitical situation poses a number of challenges to connecting businesses in the region with Nigeria, and how do you overcome them in the activities of NIDOA?

The changing geopolitical situation indeed poses several challenges for connecting businesses in the South American region, particularly Brazil, with Nigeria. These challenges include trade tensions, shifting alliances, currency fluctuations, and varying regulatory environments. Below, I will outline some of the specific challenges and how NIDOA works to overcome them:

Current Challenges

No Direct Flights: This challenge is obviously explicit. Once direct flights between Brazil and Nigeria become active, and hopefully this year, a much better understanding and engagement will follow suit.
Trade Restrictions and Tariffs: Increasing trade protectionism in various regions can lead to higher tariffs and trade barriers that hinder the movement of goods between Brazil and Nigeria.
Currency Volatility: Fluctuations in the value of currencies can complicate trade agreements, pricing strategies, and overall financial planning for businesses operating in both Brazil and Nigeria.
Different regulatory frameworks and compliance requirements in both countries can create challenges for businesses aiming to navigate these systems efficiently.
Supply Chain Disruptions: Changes in global supply chains due to geopolitical factors may disrupt established networks, impacting businesses relying on imports and exports between the two nations.

Overcoming Challenges through NIDOA.

NIDOA actively engages in discussions with both the Brazilian and Nigerian governments to advocate for favourable trade policies and agreements that reduce tariffs and improve trade conditions. This year in October, NIDOA BRAZIL holds its TRADE FAIR in São Paulo, Brazil.

What are the popular sentiments among the Nigerians in the South American diaspora? As the Secretary-General of the NIDOA, what are your suggestions relating to assimilation and integration, and of course, future perspectives for the Nigerian diaspora?

As the Secretary-General of NIDOA, I recognise the importance of understanding the sentiments among Nigerians in the South American diaspora, particularly in Brazil.

Many Nigerians in the diaspora take pride in their cultural roots, celebrating their heritage through festivals, music, dance, and culinary traditions. This cultural expression fosters a sense of community and belonging.

While many individuals embrace their new environments, they often face challenges related to cultural differences, language barriers, and social integration, which can lead to feelings of isolation.

Many express optimism about opportunities in education, business, and cultural exchange, viewing their presence in South America as a chance to expand their horizons and contribute to economic activities both locally and back in Nigeria.

Sentiments regarding acceptance vary; while some Nigerians experience warmth and hospitality, others encounter prejudice or discrimination, which can impact their overall experience in the host country. NIDOA BRAZIL has encouraged the formation of community organisations that promote networking, cultural exchange, and social events to foster a sense of belonging and support among Nigerians in the diaspora. There are currently two forums with over a thousand Nigerian members.

Cultural Education and Awareness Programs: NIDOA BRAZIL organises cultural education programs that showcase Nigerian heritage to local communities, promoting mutual understanding and appreciation that can facilitate smoother integration.

Language and Skills Training: NIDOA BRAZIL provides language courses and skills training programs to help Nigerians, especially students in tertiary institutions, adapt to their new environment, enhancing communication and employability within the host country.

Engaging in Entrepreneurship: NIDOA BRAZIL supports the entrepreneurial spirit among Nigerians in the diaspora by facilitating access to resources, mentorship, and networks that can help them start businesses and create economic opportunities.

Through its AMBASSADOR’S CUP COMPETITION, NIDOA Brazil has engaged students of tertiary institutions in Brazil to promote business projects and initiatives that can be implemented in Nigeria.

NIDOA BRAZIL also pushes for increased tourism to Brazil since Brazil is set to become a global tourism leader in 2026, with a projected 10 million international visitors, driven by a post-pandemic rebound, enhanced air connectivity, and targeted marketing strategies.

Brazil’s tourism sector is poised for a remarkable milestone in 2026, as the country expects to welcome over 10 million international visitors—surpassing the previous record of 9.3 million in 2025. This expected surge represents an ambitious leap, nearly doubling the country’s foreign-arrival numbers within just four years, a feat driven by a combination of pent-up global demand, strategic air connectivity improvements, and a highly targeted marketing campaign.

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World

Russian Researchers Roadmap Africa’s Investment Sectors for Entrepreneurs

Published

1 day ago

14/04/2026

Business Post Contributor

Professor Irina Abramova Russian Researchers

By Kestér Kenn Klomegâh

The Centre for Transition Economy Studies of the Institute for African Studies of the Russian Academy of Sciences held a two-day scientific conference under the theme: “Industrial Development Strategies of African Countries” on March 18-19. The conference was opened by Professor Irina Abramova, Director of the Institute for African Studies. More than 40 researchers and experts from Russia, South Africa, Nigeria, Egypt and North Macedonia took part in the event.

The conference focused on a wide range of significant issues related to Africa’s industrial development, the modernisation of the African production base, and the potential for Russian-African cooperation. The in-person part of the conference focused on the development of the manufacturing and extractive industries, special economic zones, energy and transport infrastructure, digitalisation, and the agro-industrial complex. The second day of the conference was conducted as an online discussion in English, featuring African colleagues on the localisation of production chains in Africa, covering both agricultural and mineral processing.

Topics of the Conference included:

Continental, regional and national programs and plans of industrial development in Africa. Prospects of continental and regional production chains.
Study of the manufacturing market in African countries: manufacturing and agro-industrial complexes
Energy, transport, and digitalisation: necessary infrastructure for industrial development.
Interests of Multinational Corporations in Africa: conditions, forms of activities and geographical distribution. The role of free economic zones.
Government policy regarding Multinational Corporations and control over export-import flows.
The role of international organisations and activities of external actors.
Possible areas and prospects for expanding mutually beneficial cooperation for Russian companies in Africa.

Experts in African studies from Russia, as well as representatives of the Russian government and business circles involved in trade and economic cooperation with African countries, actively participated. One of the significant outputs presented at the plenary session of the conference was the full-text on the African Development Strategy database created by Professors D. A. Degterev and A. D. Novikov, together with the staff of the IAS. The database covers more than 400 official strategic planning documents across 53 countries on the continent for the period 1997–2025. It systematises them under six thematic areas: long-term and medium-term development strategies, industrial policy, ICT, agriculture and the water sector.

The plenary session featured nine reports covering key dimensions of Africa’s industrial development. There were issues of trade and industrial potential of the continent that were highlighted in the report on the export specificity of African machine-building industries: based on ITC Trade Map data (2019–2024) that shows duties of South Africa, Tunisia, and industrial production, including on intracontinental markets.

Institutional mechanisms of Russian-African economic cooperation were reviewed in the report on the activities of Intergovernmental Commissions: the number of these ICC increased from four (4) in 2023 to nine (9) in 2025, and the volume of investment funds to support African projects is planned to increase, at least, to Rouble 5 billion for 2026–2027.

The conceptual dimension of financing industrialisation was presented through a critique of universal Western narratives and the justification for the need for an “application finance strategy”—a country model that takes into account the economy of Africa. Practical aspects of Russia’s investment presence in Africa are characterized on the example of projects in the countries of the Alliance of Sahel States (AES) with an emphasis on the specific risks of the subregion (DM Sinitsyn, VEB.RF). Digitalisation and artificial intelligence development in sub-Saharan African countries were also analysed and presented at the conference.

Russian-African cooperation in the field of technologies and education was covered in the reports on the transfer of agrobiotechnologies through the Afro-Russian Centre for Technology Development in Kampala, within which, in 2025/2026, this period, in which concretely 467 citizens of African countries were trained in Russian universities (NA Goncharova, FGBU “Agroexport”).

The competitive struggle of foreign players for African markets and the possibilities of Russian participation were considered in the reports on the position of the continent on the world energy markets, supplies of ground vehicles, and activities of pharmaceuticals for Africa. The digital dimension of industrialisation was covered by the reports on the cyber potential of West Africa, the formation of data processing centres in the industrial strategy of South Africa, and the digitalisation strategies of Algeria and Morocco.

The theme of most speeches, at the conference, became a reflection on the ‘disconnection’ between the proclaimed goals of industrialisation and the actual structure of African economies: despite the widespread proliferation of pre-national strategic documents, industries in the continent’s total GDP has not exceeded 10–12% for more than two decades, and exports still comprise mainly unprocessed raw materials.

In this regard, a number of reports justify the need to transition from external financial models formed by international organisations to sovereign country strategies based on state political, industrial and human resources. Global South—including, to deepen Russian-African cooperation in the spheres of technology, education and investment.

A collective monograph is, however, planned for publication following the conference. The event included the presentation of the full-text database on African development strategies, prepared by the team of the Institute for African Studies of the Russian Academy of Sciences.

World

Court Finds Lafarge, Eight ex-Employees Guilty of Terrorism Financing

Published

1 day ago

14/04/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

A court in Paris, France, has found notable French cement manufacturer, Lafarge, and eight of its former employees guilty of terrorism financing.

Delivering the judgment on Monday, Judge Isabelle Prevost-Desprez held that Lafarge paid some members of the Islamic State (IS or ISIS) in Syria about $6.5 million (€5.59 million; £4.83 million) between 2013 and 2014 to protect its plant operating in northern Syria.

The court said this action provided oxygen for the terror group to operate and carry out its violent acts.

The former chief executive of the company, Mr Bruno Lafont, was also found complicit and has been sentenced to six years.

“It is clear to the court that the sole purpose of the funding of a terrorist organisation was to keep the Syrian plant running for economic reasons. Payments to terrorist entities enabled Lafarge to continue its operations,” the judge said, adding that, “These payments took the form of a genuine commercial partnership with IS.”

The factory in Jalabiya, northern Syria, was bought by Lafarge in 2008 for $680 million and began operations in 2010, months before the civil war began in March 2011, following opposition to then-president Bashar al-Assad’s brutal repression of anti-government protests.

ISIS jihadists seized large swathes of Syria and neighbouring Iraq in 2014, declaring a so-called cross-border “caliphate” and implementing their brutal interpretation of Islamic law.

To keep its plant running and protect its employees, Lafarge, between 2013 and September 2014, paid about €800,000 to secure safe passage and €1.6 million to purchase source materials from quarries under the control of the jihadist groups.

According to the BBC, Lafarge acknowledged the court’s finding, which it said “concerns a legacy matter involving conduct that occurred more than a decade ago and was in flagrant violation of Lafarge’s code of conduct,” describing the decision as an “important milestone” in the company’s actions to “address this legacy matter responsibly.”

World

Afreximbank Grows Assets to $48.5bn as Profit Hits $1.2bn

Published

5 days ago

10/04/2026

Adedapo Adesanya

By Adedapo Adesanya

African Export-Import Bank (Afreximbank) has posted a robust financial performance for the 2025 financial year, with total assets and contingencies climbing to $48.5 billion.

This further shows its growing influence in financing trade and development across Africa and the Caribbean.

The Cairo-based multilateral lender, in its audited results released on April 9, reported a 21 per cent surge in total assets from $40.1 billion in 2024, underscoring sustained balance sheet expansion despite global economic headwinds and rating concerns.

Net loans and advances rose by 16 per cent to $33.5 billion, driven by strong disbursements into critical sectors including manufacturing, infrastructure, food security and climate adaptation, areas seen as pivotal to Africa’s long-term economic resilience.

Profitability remained strong, with net income climbing 19 per cent to $1.2 billion, up from $973.5 million in the previous year. Gross income also edged higher by 6.06 per cent to $3.5 billion, reflecting steady revenue growth supported by the bank’s expanding portfolio of trade finance and advisory services.

Afreximbank maintained solid asset quality, with its non-performing loan (NPL) ratio at 2.43 per cent, broadly stable compared to 2.33 per cent in 2024. This performance highlights disciplined risk management even as lending volumes increased across diverse markets.

Liquidity remained a key strength. Cash and cash equivalents rose significantly to $6.0 billion from $4.6 billion, while liquid assets accounted for 14 per cent of total assets, comfortably above the bank’s internal minimum threshold of 10 per cent.

Shareholders’ funds grew 17 per cent to $8.4 billion, supported by the strong profit outturn and fresh equity inflows of $299.4 million under its General Capital Increase II programme. The bank’s capital adequacy ratio stood at 23 per cent, well above regulatory benchmarks, providing a solid buffer for future growth.

Operating expenses increased to $459.2 million from $367.7 million, reflecting staff expansion and inflationary pressures. However, Afreximbank retained cost discipline, with a cost-to-income ratio of 21 per cent, still significantly below its 30 per cent ceiling.

The bank successfully tapped international capital markets, raising over $800 million through Samurai and Panda bond issuances in Japan and China during the year. The move helped counter concerns raised by some rating agencies and reaffirmed Afreximbank’s strong funding access and credibility.

Commenting on the results, Senior Executive Vice President, Mrs Denys Denya, said the performance reflects resilience and strategic execution amid a challenging global environment.

“Despite continuing global geopolitical challenges and disruptions caused by some rating actions, the Group delivered excellent financial performance in 2025,” he said.

He noted that the results cap a decade of transformative leadership under the erstwhile President, Mr Benedict Oramah, with the bank already ahead of most targets under its Sixth Strategic Plan, which runs through 2026.

Mr Denya added that newer subsidiaries, including the Fund for Export Development in Africa (FEDA) and AfrexInsure, are now profitable, contributing to earnings growth and strengthening the group’s diversified structure.

“The Group’s balance sheet is at its strongest level ever, with liquidity levels and capitalisation well above target and good asset quality,” he said.

Afreximbank said it is entering the 2026 financial year with strong momentum, positioning itself to scale impact, deepen trade integration and drive value addition across “Global Africa.”

Return metrics remained stable, with return on average equity at 15 per cent and return on average assets improving slightly to 3.04 per cent, signalling efficient use of capital.

With a fortified balance sheet, rising profitability and sustained investor confidence, Afreximbank said it is firmly on track to consolidate its role as a key engine of trade-led growth across the continent.