The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has said the resolution of the longstanding dispute over OPL 245 will strengthen Nigeria’s economy and improve the country’s fiscal outlook. He noted that the settlement marks a significant step toward repositioning the nation’s oil and gas sector after more than two decades of legal battles and international arbitration.

Speaking after the signing of the agreement in Abuja, Fagbemi said the Federal Government reached a settlement with Eni and Nigerian Agip Exploration Limited, effectively bringing the protracted dispute over the oil block to an end. According to him, the development removes long-standing legal and fiscal uncertainties that previously hindered the asset’s development, paving the way for fresh investments, job creation, and increased revenue for the country.

He explained that the settlement will also allow projected revenues from the oil block to be incorporated into Nigeria’s medium-term fiscal framework, strengthening budget stability and long-term economic planning. Fagbemi added that resolving the dispute through negotiation underscores Nigeria’s commitment to transparency, accountability, and the rule of law, while signalling to the global community that the country remains a credible and reliable partner for international business.

The Attorney-General further commended institutions that played key roles in resolving the dispute, including the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, and the Economic and Financial Crimes Commission, as well as international partners such as Shell. He described the agreement as a triumph of dialogue and national interest, noting that the development of OPL 245 will now serve as a source of prosperity for Nigeria in the years ahead.