Tinubu administration resolves OPL 245 deepwater dispute, unlocking long-stalled investment

President Bola Tinubu’s administration has overseen the resolution of the OPL 245 deepwater dispute, with the Presidency confirming on June 17 that the breakthrough unlocks a major upstream investment that had been stalled across multiple administrations. The OPL 245 block is among Nigeria’s most consequential offshore assets, and the resolution is positioned by the State House as a signal that strategic energy assets are now being moved from legal limbo into active development.

The OPL 245 announcement lands inside a broader macro story. As Tinubu marked the third anniversary of his administration in late May, Nigeria’s external reserves had reached a 13-year high of $50.027 billion as of March, the official-parallel exchange rate gap had narrowed to approximately N11.35, and Finance Minister Taiwo Oyedele had been newly seated as Coordinating Minister of the Economy from April 21.

For the Nigerian diaspora, the practical signals are that reserves and FX stability are now in a measurably stronger zone for inbound remittances, and the deepwater unlock improves the medium-term fiscal pipeline that funds federal spending priorities. Voluntary returns from South Africa, organised by Foreign Minister Bianca Odumegwu-Ojukwu’s ministry, continue in parallel.

Source: The State House Abuja June 17 release; Vanguard News May 2026; Guardian Nigeria Tinubu reform anniversary feature.