•Tinubu lauds Petrobras’ return to Nigeria
• Brazil signs five MoUs to boost economic ties

Chief Executive Officer of Nigerian Exchange Group (NGX Group), Temi Popoola, has underscored the pivotal role of capital markets in advancing economic ties between Nigeria and Brazil, stating that beyond serving large corporations, modern exchanges must become active enablers of growth for small and medium-sized enterprises (SMEs).

Popoola spoke during a high-level business session held on the sidelines of President Bola Ahmed Tinubu’s state visit to Brazil, a visit that saw the signing of five Memoranda of Understanding (MoUs) between the two countries.

He stated that the Nigerian Exchange has evolved into a strategic platform for channelling cross-border investments, noting that its unique position as Africa’s second-largest bourse by transaction size provides both scale and credibility for foreign investors seeking entry into Nigeria’s capital market.

Highlighting the rapid growth of the Nigerian capital market, Popoola said that market capitalisation has nearly doubled in the last 18 months, now standing at about $90 billion and covering equities, fixed income securities, derivatives, and alternative investment instruments.

He pointed out that the exchange had deliberately shifted its focus to ensure that SMEs, which remained the backbone of the Nigerian economy, were not excluded from accessing long-term capital.

On the subject of cross-border investment flows, Popoola emphasised that Nigeria’s capital market was not only open but also highly digitised, supported by a strong network of intermediaries that make transactions seamless for international investors.

On the MoU signed between Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development (BNDES), he said it was aimed at enhancing collaboration in agricultural financing and investment.

MEANWHILE, President Bola Tinubu on Monday hailed the imminent return of Petrobras to Nigeria, describing the move as a major step toward rekindling economic cooperation between Africa’s largest oil producer and Brazil’s state-owned energy giant.

At a joint press conference in Brasília during his state visit, Tinubu said Petrobras’ renewed presence would further unlock Nigeria’s gas potential and energise bilateral relations.

“We have the largest gas repository. I don’t see why Petrobras does not join as a partner in Nigeria as soon as possible. I appreciate President Lula’s assurance that this will be done without delay,” the President said.

The highlight of the visit was the signing of five Memoranda of Understanding (MoUs) between Nigeria and Brazil covering trade, aviation, finance, diplomacy, and science and technology.