The recent African tour by President Luiz Inácio Lula da Silva aimed to strengthen Brazil’s relations with the continent, with promises of investments and renewed financing in countries like South Africa, Ethiopia, and Angola. However, trade figures show a decline in commerce between Brazil and Africa, despite Lula’s commitments.
Positive developments include a surge in Nigeria’s imports from Brazil, driven by oil and fertilizer purchases, as well as initiatives by the Brazil-Africa Institute to bolster business ties. Africa holds vast economic potential for Brazil, with projections of significant population growth and trade opportunities through initiatives like the African Continental Free Trade Area.
Despite these opportunities, Brazil faces tough competition from countries like China, the United States, Turkey, and Gulf nations, who are intensifying their investments in Africa. Brazil is urged to deliver tangible economic partnerships to benefit both sides and regain its footing in the region.
While Brazil’s food exports to Africa have seen positive growth, overall trade between Brazil and the continent has declined. To overcome these challenges, Brazil must focus on building sustainable economic relationships with African nations.