FG Says OPL 245 Dispute Resolution Will Reposition Nigeria’s Economy

FG Says OPL 245 Dispute Resolution Will Reposition Nigeria’s Economy The Lateef Fagbemi, Attorney‑General of the Federation and Minister of Justice, has said that resolving the longstanding dispute over Oil Prospecting Licence (OPL) 245 will reposition Nigeria’s economy and strengthen the country’s fiscal muscle a development he describes as a major milestone for the nation’s economic landscape. Fagbemi spoke on Sunday in Abuja after the federal government signed a legal agreement that formally ended the protracted legal battles and international arbitration surrounding the oil block The dispute over OPL 245 one of Nigeria’s most valuable offshore oil assets had lingered for more than two decades amid legal wrangles and arbitration involving the Nigerian government, international oil firms and multiple jurisdictions. The settlement was reached with Eni and Nigerian Agip Exploration Limited (NAEL), effectively closing a chapter of litigation that stalled the development and investment potential of the oil block. Fagbemi described the deal as a turning point for Nigeria’s oil and gas sector, saying the resolution will remove legal and fiscal uncertainties that previously hindered investment and development. He noted that resolving the dispute will allow projected revenues from the asset to be factored into the nation’s medium‑term fiscal framework, bolstering budget stability, supporting long‑term economic planning and improving debt sustainability. “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,” Fagbemi said, outlining the broader strategic benefits expected from the agreement. Fagbemi praised President Bola Tinubu’s visionary leadership as central to the breakthrough, saying the president earlier directed that all disputes over the oil block be resolved amicably in the best interests of Nigerians. The Attorney‑General added that resolving the matter through negotiated settlement rather than extended arbitration demonstrates Nigeria’s commitment to transparency, the rule of law, and enhances its credibility in global business and commercial arbitration circles.

Analysts say the settlement will restore investor confidence, attract fresh capital into Nigeria’s energy sector and could unlock significant economic opportunities previously held back by uncertainty. With legal obstacles removed, the OPL 245 asset estimated to hold billions of barrels of oil resources can now advance toward full development, translating its potential into tangible revenue and employment opportunities.

The agreed settlement is expected to culminate in a Consent Arbitral Award, formally recording the resolution and closing decades of dispute. Government officials and industry experts say that, with the agreement in place, Nigeria can now move forward with confidence and place national interest at the centre of future oil sector engagements.