The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has said that the resolution of the long-standing dispute over OPL 245 will reposition Nigeria’s economy and strengthen the country’s fiscal capacity.
Fagbemi made the remark in Abuja after the signing of a legal agreement that formally brought the dispute to an end, describing the development as a major milestone in repositioning Nigeria’s economic landscape.
According to him, the agreement marks a turning point for the nation’s oil and gas sector after more than two decades of legal battles and international arbitration.
The Federal Government reached the settlement with Eni and Nigerian Agip Exploration Limited, effectively ending the protracted dispute surrounding the lucrative oil block.
Fagbemi emphasised that resolving the dispute would recalibrate the national economy and strengthen the Federal Government’s fiscal position.
He disclosed that early in the administration, Bola Ahmed Tinubu directed that all disputes relating 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.
The Attorney-General explained that the settlement, which will culminate in a Consent Arbitral Award, resolves a complex international dispute and also restores Nigeria’s credibility as a responsible partner in global business.
He noted that the resolution removes legal and fiscal uncertainties that previously hindered the development of the oil asset.
According to him, the development will pave the way for large-scale investments, stimulate job creation and reinforce Nigeria’s position as a leading energy producer in Africa.
Fagbemi further stated that projected revenues from the asset can now be included in the country’s medium-term fiscal framework, thereby supporting budget stability, long-term economic planning and debt sustainability.
He added that resolving the dispute through negotiation rather than prolonged arbitration demonstrates Nigeria’s commitment to alternative dispute resolution and enhances 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 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 such as Eni and Shell.
He stressed 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 said.
