Nigeria Resolves OPL 245 Dispute, Boosts Oil Sector

Attorney General of the Federation, Lateef Fagbemi, announced that the resolution of the OPL 245 legal dispute, which has persisted for two decades, is a significant achievement for Nigeria's economy. He credited President Bola Tinubu's visionary leadership and political will for the breakthrough, which culminated in a legal agreement signed in Abuja.

This agreement aims to settle the ongoing litigation between Nigeria and Eni/Nigerian Agip Exploration, thereby restoring Nigeria's credibility as a responsible partner in global business. Fagbemi emphasized that the resolution would eliminate legal and fiscal uncertainties that have previously hindered the development of the oil block.

The project is expected to contribute to Nigeria's medium-term fiscal framework, supporting budget stability and long-term economic plans. The settlement also reflects Nigeria's commitment to transparency and the rule of law, sending a clear signal to the global community about the country's openness to business and respect for contractual obligations.