By David Akinadewo-Adekahunsi
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, says the resolution of the longstanding dispute over Oil Prospecting Licence (OPL) 245 will reposition Nigeria’s economy and strengthen the country’s fiscal outlook.
Fagbemi made the remark in Abuja after the signing of a legal agreement that formally ended the protracted dispute surrounding the oil block.
He described the development as a significant milestone capable of reshaping Nigeria’s economic landscape, noting that the agreement followed more than two decades of legal battles and international arbitration.
The federal government reached the settlement with energy companies Eni and Nigerian Agip Exploration Limited (NAEL), bringing the dispute over the oil asset to a close.
According to the Attorney-General, resolving the OPL 245 matter will recalibrate the national economy and improve the federal government’s fiscal position.
He explained that President Bola Tinubu had earlier directed that all disputes related to 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. The agreement demonstrates Nigeria’s commitment to transparency, accountability and the rule of law,” Fagbemi said.
He stated that the settlement, which will culminate in a Consent Arbitral Award, not only resolves a complex international dispute but also restores Nigeria’s credibility as a reliable partner in global business.
Fagbemi noted that the resolution would remove the legal and fiscal uncertainties that had previously stalled the development of the oil block.
He added that the agreement would pave the way for large-scale investments, create employment opportunities and reinforce Nigeria’s position as a major energy producer in Africa.
The Attorney-General further stated that projected revenues from the oil asset could now be incorporated into Nigeria’s medium-term fiscal framework, thereby supporting budget stability, long-term economic planning and debt sustainability.
He also said the negotiated settlement, rather than prolonged arbitration, demonstrates Nigeria’s commitment to alternative dispute resolution while enhancing the country’s 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 said.
Fagbemi commended institutions and stakeholders that played roles in resolving the dispute, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, and the Economic and Financial Crimes Commission.
He also acknowledged the cooperation of international partners, including Eni and Shell.
According to him, the agreement reflects 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,” he said.
