Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, says the resolution of the longstanding dispute over OPL 245 will strengthen the country’s fiscal position and help reposition the national economy.
Fagbemi made the remarks in Abuja after the signing of a legal agreement that formally ended the protracted dispute surrounding the oil block, describing the development as a major milestone for Nigeria’s economic landscape.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Attorney-General said the agreement marked a turning point for Nigeria’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, NAEL, effectively bringing the prolonged dispute over the oil block to a close.
Fagbemi noted that resolving the matter would recalibrate the country’s economic outlook and strengthen the Federal Government’s fiscal capacity.
According to him, early in the administration, President Bola Tinubu directed that all disputes relating to the oil block be resolved amicably in the best interest of the Nigerian people.
“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,” he said.
The Attorney-General explained 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.
He further highlighted several strategic economic benefits expected from the resolution, including the removal of legal and fiscal uncertainties that had previously hindered the development of the oil block.
According to him, the breakthrough will pave the way for large-scale investments, stimulate job creation and reinforce Nigeria’s position as a leading energy producer in Africa.
Fagbemi added that projected revenues from the asset could now be factored into the country’s medium-term fiscal framework, supporting budget stability, long-term economic planning and debt sustainability.
He also noted that resolving the dispute through negotiation rather than prolonged arbitration underscores Nigeria’s commitment to alternative dispute resolution and strengthens the country’s standing 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.
The Attorney-General commended key institutions that played roles in achieving the settlement, 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 emphasised that the agreement represents the triumph of dialogue over conflict and the prioritisation of national interest.
“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.
