Nigeria’s Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has said the resolution of the long-running dispute over the oil block known as OPL 245 will strengthen the country’s economy and improve government finances.
Fagbemi made the remark in Abuja after the signing of a legal agreement that brings the decades-long dispute to an end. He described the development as a major step toward repositioning Nigeria’s economic outlook.
According to him, the settlement followed an agreement reached between the Federal Government and energy companies Eni and Nigerian Agip Exploration Limited (NAEL), effectively closing a dispute that had lasted for more than twenty years.
The minister said the resolution of the issue would remove legal uncertainties surrounding the oil block and open the door for fresh investments in the sector.
Fagbemi credited President Bola Tinubu for providing the leadership that made the breakthrough possible, noting that the president had directed early in his administration that all disputes concerning the asset should be resolved amicably in the interest of Nigerians.
He explained that ending the dispute would help restore confidence in Nigeria’s oil and gas industry and reinforce the country’s reputation as a reliable partner for international investors.
According to the minister, the agreement will lead to a consent arbitral award that formally settles the matter while also strengthening Nigeria’s standing in global commercial and arbitration circles.
Fagbemi added that the resolution is expected to support economic planning by allowing projected revenue from the oil asset to be included in the country’s medium-term fiscal framework.
He noted that the development could attract large-scale investments, create jobs and further solidify Nigeria’s position as one of Africa’s leading energy producers.
The Attorney-General also commended several government institutions and partners involved in the process, 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.
International partners such as Eni and Shell were also acknowledged for their roles in reaching the settlement.
Fagbemi said the agreement demonstrates Nigeria’s commitment to dialogue, transparency and respect for contractual obligations, adding that it sends a positive message to the global business community.
He expressed confidence that the resolution will allow the development of OPL 245 to proceed in a way that benefits the country and future generations.
