OPL 245 settlement to boost Nigeria’s economy, fiscal strength-Fagbemi
The resolution of the OPL 245 dispute is expected to strengthen Nigeria's economy and fiscal position, according to Attorney-General Fagbemi.Summary
Nigeria’s Attorney-General, Lateef Fagbemi, announced the resolution of the long-standing dispute over OPL 245, stating it will significantly bolster the nation’s economy and fiscal strength. The agreement, reached with Eni and Nigerian Agip Exploration Limited (NAEL), concludes over two decades of legal battles and international arbitration. President Bola Tinubu directed the amicable resolution of the dispute, demonstrating a commitment to transparency, accountability, and the rule of law. Fagbemi highlighted that the settlement removes legal uncertainties, paving the way for increased investment, job creation, and Nigeria’s reinforced position as a leading energy producer in Africa. Projected revenues from OPL 245 will be integrated into the country’s fiscal framework, supporting budget stability and debt sustainability. The Attorney-General also emphasized Nigeria’s commitment to alternative dispute resolution and its appeal as a reliable partner for global business, commending the collaborative efforts of various Nigerian institutions and international partners in achieving this milestone.
(Source：The Abuja Inquirer)