The Attorney‑General of the Federation and Minister of Justice, Lateef Fagbemi, announced that the successful resolution of the long-standing OPL 245 dispute will significantly reposition Nigeria’s economy.

The agreement was signed in Abuja, bringing an end to more than two decades of legal battles and international arbitration over the prolific oil block.

The settlement was reached between the Nigerian Federal Government and major energy firms, Eni and Nigerian Agip Exploration Limited (NAEL), marking a pivotal moment for the country’s oil and gas sector.

Fagbemi highlighted that President Bola Tinubu provided critical political will by directing that all disputes related to OPL 245 be resolved through dialogue.

The Minister emphasized that the resolution demonstrates Nigeria’s commitment to transparency, accountability, and the rule of law on the international stage.

The settlement is expected to result in a consent arbitral award, formally ending all international disputes concerning the block and removing legal and fiscal barriers that stalled development.

Officials noted that this development opens the door for large-scale investments, job creation, and solidifies Nigeria’s position as a leading energy producer in Africa.

Economically, revenues from OPL 245 can now be incorporated into the country’s medium-term fiscal framework, supporting national budget planning.

The government also underscored that the settlement sends a strong signal to the global investment community: Nigeria is genuinely “open for business” and committed to upholding contracts.

Fagbemi expressed gratitude to key institutions, including the Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and the Economic and Financial Crimes Commission (EFCC), whose collaboration was instrumental.

He concluded that with this agreement in place, OPL 245 is set to become a significant and sustained source of prosperity for the nation.