OPL 245 settlement will strengthen Nigeria’s economy, says Fagbemi

Attorney-General of the Federation, Prince Lateef Fagbemi, stated that the settlement of the long-running dispute over Oil Prospecting Licence (OPL) 245 will significantly strengthen Nigeria’s economy and fiscal capacity. The agreement, reached between the Federal Government and international oil companies Eni and Nigerian Agip Exploration Limited (NAEL), concludes over two decades of legal battles and international arbitration. Fagbemi credited President Bola Ahmed Tinubu’s leadership and political will for resolving the dispute, emphasizing his early directive to settle the matter amicably to protect national interests.

The AGF highlighted that the settlement demonstrates Nigeria’s commitment to transparency, accountability, and the rule of law, restoring the nation’s credibility as a reliable partner in global business. It will eliminate uncertainties hindering the oil block’s development, paving the way for investment, job creation, and reinforcing Nigeria’s position as a leading energy producer. Projected revenues from OPL 245 can now be integrated into Nigeria’s fiscal framework, improving budget stability and long-term economic planning.

Fagbemi also praised the collaborative efforts of key institutions like the Ministry of Petroleum Resources, NUPRC, NNPCL, EFCC, and international partners Eni and Shell, describing the agreement as a victory for dialogue and national interest. He concluded that the resolution will ensure OPL 245 becomes a source of prosperity for Nigeria and future generations.

(Source：The Nation Newspaper)