Alckmin Eyes Nigeria to Diversify Brazilian Exports

Amid uncertainties in the oil market due to instability in the Middle East and fertilizer supply challenges stemming from the war in Ukraine, Vice President and Minister of Development, Industry, Trade and Services (Mdic) Geraldo Alckmin concluded a mission to Nigeria on Wednesday (June 25). Brazil aims to diversify its export portfolio with the African nation and increase imports of crude oil, liquefied natural gas, and fertilizers.

Nigeria is one of the largest economies in Africa and has the sixth-largest population in the world, with 223.8 million people—just ahead of Brazil, which ranks seventh. According to Alckmin, Nigeria’s market potential is immense, with forecasts indicating that it may have the third- or fourth-largest population globally by 2050. “It’s a country with scale, growing at an impressive rate,” he told Valor by phone.

Leading a delegation of businesspeople and government officials, Alckmin highlighted Brazilian opportunities in sectors such as dairy, commercial and defense aircraft, ballistic vests and vehicle armoring, textile manufacturing, agricultural machinery, biofuels, and rice—the staple food in Nigeria. The two countries also discussed the potential establishment of a direct air route—initially for cargo and possibly for passengers in the future. Brazil’s meat industry is already investing in the Nigerian market.

Brazilian Containerized Exports to Nigeria | Jan 2022 – Apr 2025 | TEUs

Source: DataLiner (click here to request a demo)

“We are aiming for diversification. Right now, our exports to Nigeria are heavily concentrated in sugar. It’s our top product, a commodity. We want to broaden that scope,” said the vice president and minister.

Nigeria’s President Bola Tinubu is expected to attend next month’s BRICS summit in Rio de Janeiro as a guest and is also scheduled to make a state visit to President Luiz Inácio Lula da Silva in Brasília in August.

Representatives from Nigerian companies are also expected to seek partnerships in Brazil to increase exports of oil, liquefied natural gas (LNG), and fertilizers.

“We are dependent on nitrogen-based fertilizers. Local production is growing in Brazil, but still, 80% is imported. This is crucial for food security. We’re likely to have a record harvest this year—10% larger—so fertilizer demand will grow by double digits,” Alckmin added.

According to Mdic, Nigeria is currently the 49th largest destination for Brazilian exports. In 2024, Brazil exported US$ 978.5 million to Nigeria, mainly in sugars and molasses. Meanwhile, Brazilian imports from Nigeria reached US$ 1.1 billion in the same period, with fertilizers and chemical nutrients accounting for nearly 48% of that total. Nigeria’s top trade partner remains China.

Source: Valor Econômico

Sharing is caring!