President Bola Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as another major milestone in efforts to unlock Nigeria’s vast gas resources for investment, industrialisation, job creation and economic growth.
The project, being developed by Nigerian independent oil and gas company AMNI International in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak.
The Ima gas resource, located offshore in Oil Mining Leases (OMLs) 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades.
In a statement on Wednesday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the resource had significant reserves and the potential to serve as feedgas for Nigeria LNG Limited, but had remained undeveloped until the latest investment decision.
“The FID, announced on September 23, has changed this,” the statement said.
Onanuga said the Ima project was the fourth major gas project to reach FID since Tinubu assumed office, following the Iseni, Ubeta and HI projects.
According to him, the investment decisions reflect growing momentum in Nigeria’s gas sector and the administration’s efforts to transform the country’s gas resources into productive projects capable of creating jobs, generating revenue and expanding economic opportunities.
Tinubu: Reforms creating investment opportunities
Commenting on the development, Tinubu said the project demonstrated the importance of creating an enabling environment for investors.
“For more than fifty years, the gas beneath Ima remained a resource with enormous potential, but potential alone does not create jobs, finance businesses or improve the lives of our people,” the President said.
“Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities.”
He added that the Ima FID showed what could be achieved by providing investors with a competitive, predictable and enabling environment.
“We are determined to unlock more of Nigeria’s gas resources to power our industries, expand our exports, create jobs and build lasting prosperity for our people,” Tinubu said.
Since taking office, the President has prioritised reforms aimed at reversing years of underinvestment in the oil and gas industry.
Although the Petroleum Industry Act of 2021 provided a new regulatory framework for the sector, several projects remained commercially unviable because of fiscal and investment constraints.
In 2024, Tinubu issued a series of Presidential Directives developed by the team led by the Special Adviser to the President on Energy. The measures were aimed at improving fiscal competitiveness, reducing contracting timelines and lowering project costs.
‘Nigeria has never lacked resources’
Special Adviser to the President on Energy, Olu Verheijen, said the Ima project illustrated the objective of the administration’s reforms.
“The story of Ima is ultimately the story of what our reforms are designed to achieve. Nigeria has never lacked resources. The challenge has been creating the commercial and investment conditions required to move those resources from beneath the ground into projects that employ Nigerians, create opportunities for Nigerian businesses, generate revenues and support economic growth,” she said.
Verheijen said the discovery made in 1973 could only contribute to the economy when the necessary capital was invested, financed, developed and ultimately put to productive use.
“That is the transition we are seeing today,” she added.
Nigerian participation
The project also highlights growing Nigerian participation across the energy value chain.
AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset, underscoring the increasing role of indigenous companies in major upstream developments.
Nigerian financial institutions have arranged 77 per cent of the project’s financing, while about 60 per cent of its workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State, according to Onanuga.
For decades, Nigeria has maintained one of Africa’s largest gas resource bases, but substantial volumes have remained undeveloped.
The administration’s gas strategy is therefore focused not only on increasing production but also on deploying gas to support LNG exports and foreign exchange earnings, provide industrial feedstock, enable fertiliser and petrochemical production, improve power supply and create opportunities for Nigerian businesses and workers.
“Natural resources have value only when they are converted into opportunities for our people. Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity,” Tinubu said.
