OPL 245 dispute resolution will strengthen Nigeria’s economy – AGF

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has said the resolution of the long-running dispute over OPL 245 will reposition Nigeria’s economy and strengthen the country’s fiscal capacity.

Fagbemi also praised the leadership of Bola Ahmed Tinubu, saying the President’s directive and political will made it possible to reach a settlement after years of legal battles and international arbitration.

The Attorney-General spoke in Abuja after the signing of a legal agreement between the Federal Government and Eni and Nigerian Agip Exploration Limited, bringing the protracted dispute over the oil block to an end.

He described the development as a major milestone for Nigeria’s oil and gas sector and a significant step toward strengthening the country’s economic outlook.

“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.

According to him, President Tinubu had directed early in his administration that all disputes surrounding the oil block be resolved amicably in the best interest of Nigerians.

“The clear vision and deep commitment of President Tinubu provided the political will required to bring closure to this protracted dispute,” he said, adding that the agreement demonstrates Nigeria’s commitment to transparency, accountability and the rule of law.

Fagbemi explained that the settlement, which will culminate in a consent arbitral award, would not only resolve a complex international dispute but also help restore Nigeria’s credibility as a reliable partner in global business.

He noted that the resolution would remove the legal and fiscal uncertainties that previously hindered the development of the oil block and open the door for large-scale investments in the sector.

“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.

The minister added that projected revenues from the asset could now be incorporated into Nigeria’s medium-term fiscal framework, helping to support budget stability, long-term economic planning and debt sustainability.

Fagbemi further stated that settling the dispute through negotiation rather than prolonged arbitration underscores Nigeria’s commitment to alternative dispute resolution and enhances its credibility in international commercial and arbitration circles.

“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 added.

The Attorney-General also commended institutions and stakeholders that played key roles in resolving the dispute, including the Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Company Limited, and the Economic and Financial Crimes Commission, as well as international partners involved in the agreement.

He said the settlement represents the triumph of dialogue over conflict and would ensure that the development of OPL 245 contributes to Nigeria’s economic growth and prosperity.