Nigeria Resolves 15-Year OPL 245 Dispute to Boost Economy

Lateef Fagbemi, the Attorney General and Minister of Justice, stated that the resolution of the 15-year dispute over Oil Prospecting License (OPL) 245 will significantly reposition Nigeria's economy and strengthen the country’s fiscal muscle. He praised President Bola Tinubu's visionary leadership for enabling this breakthrough, which culminated in a legal agreement signed in Abuja.

This agreement marks a turning point in Nigeria's oil and gas sector, ending two decades of legal battles involving international arbitration. The federal government reached a settlement with Eni and Nigerian Agip Exploration, which will remove legal and fiscal uncertainties that previously hindered the development of the oil block.

Fagbemi emphasized that this resolution will bolster the federal government's fiscal position and restore Nigeria's credibility with global business partners. The settlement is expected to stimulate large-scale investment, create jobs, and reinforce Nigeria's position as a leading energy producer in Africa.