The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has said that the settlement of the longstanding OPL 245 dispute will reposition Nigeria’s economy and strengthen the country’s fiscal capacity.
Speaking after the signing of the legal agreement in Abuja, Fagbemi described the development as a milestone in Nigeria’s oil and gas sector, ending more than two decades of legal battles and international arbitration.
“The agreement marks a turning point for Nigeria’s oil and gas sector and demonstrates the government’s commitment to transparency, accountability, and the rule of law,” he said.
He praised President Bola Tinubu for his visionary leadership, noting that the President directed early in his administration that disputes over the oil block be resolved amicably in the best interests of the Nigerian people.
Fagbemi explained that resolving the dispute will recalibrate the national economy, bolster the federal government’s fiscal position, and remove legal and fiscal uncertainties that previously hindered development of the oil block.
The settlement is expected to pave the way for large-scale investments, stimulate job creation, and reinforce Nigeria’s position as a leading energy producer in Africa. Projected revenues from OPL 245 can now be included in the country’s medium-term fiscal framework, supporting budget stability, long-term economic planning, and debt sustainability.
The Attorney-General also noted that resolving the dispute through a negotiated settlement rather than prolonged arbitration enhances Nigeria’s credibility in international commercial and arbitration circles and sends a clear signal to the global community that the country is open for business.
Fagbemi commended key institutions and stakeholders that contributed to the successful resolution, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian National Petroleum Company Limited (NNPC), the Economic and Financial Crimes Commission (EFCC), and international partners such as Eni and Shell.
He emphasised that the settlement represents 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 stated.
