UBA urges Nigeria, Brazil to deepen trade ties

The Group Managing Director of United Bank for Africa Plc and Chairman of the Body of Bank CEOs in Nigeria, Oliver Alawuba. Photo: UBA

The Group Managing Director/Chief Executive, United Bank for Africa Plc, Oliver Alawuba, has called for stronger trade and investment relations between Nigeria and Brazil, identifying opportunities in agriculture, manufacturing, energy, technology and the creative industries.

Alawuba made the call in Abuja during the celebration of Brazil’s National Day, hosted by the Embassy of the Federative Republic of Brazil in Nigeria, according to a statement from the bank on Sunday.

While congratulating the Government and people of Brazil, the UBA boss said the longstanding relationship between both countries extended beyond diplomacy to their shared history, cultural heritage and strong connections between their people.

He recalled Brazil’s representation at Nigeria’s independence celebrations in 1960, describing the gesture as a cherished foundation of the relationship between the two countries.

Alawuba also highlighted the enduring influence of Afro-Brazilian heritage in Nigeria, particularly in Lagos Aguda communities, where Brazilian architectural, culinary and cultural traditions continue to thrive.

According to Alawuba, the shared entrepreneurial spirit, cultural diversity, love of music and passion for football between Nigerians and Brazilians continue to provide a strong foundation for expanding commercial ties.

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The UBA boss noted that bilateral trade in goods between Nigeria and Brazil was approximately $2.4bn in 2025, stressing that there remained considerable room to deepen economic exchange and unlock new opportunities for businesses in both countries.

He also pointed to the $1.1bn Green Imperative Agricultural Mechanisation Programme as an example of the opportunities that could emerge from combining Brazilian expertise and equipment with Nigerian enterprise to improve productivity, strengthen food security and create jobs.

Speaking on UBA’s pan-African reach, he explained that the bank’s presence in 20 African countries, as well as the United States, United Kingdom, United Arab Emirates and France, positioned it to support trade and investment between Africa and Brazil through its reach, local knowledge and financial capabilities.

While appreciating the relationship between the bank and the Embassy of Brazil, which he said had been built on confidence, trust and mutual respect since 2019, he reaffirmed the bank’s commitment to strengthening the partnership through focused service and closer collaboration.

Alawuba also used the opportunity to commend the warmth of the Brazilian people, the richness of its culture and the promise of its future, expressing optimism that the longstanding friendship between Nigeria and Brazil would translate into shared economic prosperity.