Nigeria Resolves 15-Year OPL 245 Dispute to Boost Economy

Lateef Fagbemi, the Attorney General of the Federation and Minister of Justice, stated that the resolution of the 15-year dispute concerning Oil Prospecting License (OPL) 245 will reposition Nigeria's economy and strengthen the nation's fiscal policy. Speaking in Abuja, Fagbemi praised President Bola Tinubu's visionary leadership for enabling this breakthrough, which he described as a milestone in Nigeria's economic landscape.

The legal agreement marks the end of a two-decade legal battle involving international arbitration, with the federal government reaching a settlement with Eni and Nigerian Agip Exploration. Fagbemi emphasized that resolving the dispute will recalibrate the nation's economy and bolster the federal government's fiscal position.

The agreement demonstrates Nigeria's commitment to transparency and the rule of law, aiming to restore the country's credibility with global business partners. He noted that the settlement will eliminate legal and fiscal uncertainties that previously hindered the development of the oil block, paving the way for large-scale investments and job creation.