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Naija News • 16h ago

Fagbemi: Resolution of 15-Year-old OPL 245 Dispute’ll Reposition Economy, Strengthen Nation’s Fiscal Policy

Fagbemi: Resolution of 15-Year-old OPL 245 Dispute’ll Reposition Economy, Strengthen Nation’s Fiscal Policy
**OPL 245 Dispute Resolution Set to Boost Nigeria's Economy** The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has hailed President Bola Tinubu's visionary leadership, saying it has enabled a breakthrough in the 15-year-old dispute over OPL 245. This development is expected to reposition Nigeria's economy and strengthen the country's fiscal policy. Speaking in Abuja over the weekend, Fagbemi described the resolution as a significant milestone in Nigeria's economic landscape. The agreement, which was signed between the Federal Government and Eni and Nigerian Agip Exploration Limited (NAEL), effectively ends the protracted dispute over OPL 245. The dispute, which has been ongoing for over two decades, has hindered the development of Nigeria's oil and gas sector. However, Fagbemi emphasized that resolving the dispute will recalibrate the national economy and bolster the Federal Government's fiscal position. President Tinubu's directive to resolve the dispute amicably in the best interests of Nigerians has provided the necessary political will to bring closure to this complex international dispute. The agreement demonstrates Nigeria's commitment to transparency, accountability, and the rule of law. According to Fagbemi, the resolution will have several strategic economic benefits, including the removal of legal and fiscal uncertainties that previously hindered the development of the oil block. This, in turn, will pave the way for large-scale investments and stimulate economic growth. The settlement, which will culminate in a Consent Arbitral Award, not only resolves a complex international dispute but also restores Nigeria's credibility as a responsible partner in global business. As the country continues to diversify its economy, the resolution of the OPL 245 dispute is a significant step towards achieving this goal. In conclusion, the resolution of the OPL 245 dispute is a major win for Nigeria's economy and a testament to President Tinubu's visionary leadership. It is a development that will have far-reaching benefits for the country and its people, and it is an important step towards achieving economic growth and stability.
Source: Original Article • AI-enhanced version for clarity & Nigerian context