The Federal Government has said that the resolution of the long-running dispute over OPL 245 will strengthen Nigeria’s economy and improve the country’s fiscal outlook.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, made this known in Abuja after the signing of a legal agreement ending the dispute involving international oil companies.
Fagbemi said the settlement marked a major turning point after more than two decades of legal battles and international arbitration over the oil block.
According to him, the breakthrough was made possible by the leadership of Bola Ahmed Tinubu, who directed early in his administration that all disputes surrounding the asset should be resolved amicably in the best interest of Nigerians.
“The agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration,” Fagbemi said.
The Federal Government reached the settlement with Eni and Nigerian Agip Exploration Limited, bringing an end to the protracted dispute over the oil block.
The Attorney-General said the resolution would remove legal and fiscal uncertainties that had stalled development of the asset and pave the way for new investments.
“This development will pave the way for large-scale investments, stimulate job creation and reinforce Nigeria’s position as a leading energy producer in Africa,” he said.
Fagbemi added that projected revenues from the oil block could now be incorporated into the country’s medium-term fiscal framework, helping to support budget stability, long-term economic planning and debt sustainability.
He explained that the settlement would culminate in a consent arbitral award and would help restore Nigeria’s credibility as aPetroleum Company Limited reliable partner in global business.
“This settlement sends a clear signal to the global community that Nigeria is open for business and committed to fairness and respect for contractual obligations,” he said.
The minister also commended institutions that contributed to resolving the dispute, including the Nigerian Upstream Petroleum Regulatory Commission, Nigerian National , and the Economic and Financial Crimes Commission, as well as international partners such as Shell.
He described the settlement as “the triumph of dialogue over conflict and national interest over narrow considerations.”
“With this agreement, Nigeria can now move forward with confidence, ensuring that the development of OPL 245 becomes a source of prosperity for the nation and future generations,” Fagbemi said.
