President Bola Ahmed Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as a major step towards unlocking Nigeria’s vast gas resources for investment, industrialisation, job creation and economic growth.
The project, developed by Nigerian independent energy 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. Its development is expected to provide additional feedgas for Nigeria LNG Limited and increase the contribution of Nigeria’s gas resources to the economy.
The FID, announced on September 23, makes the Ima project the fourth major gas project to reach the investment decision stage since Tinubu assumed office, following the Iseni, Ubeta and HI projects.
The President said the development demonstrated the potential of Nigeria’s natural resources when supported by a competitive and predictable investment environment.
“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,” Tinubu said.
“Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities.”
Tinubu said his administration would continue efforts to attract investment into the gas sector, expand exports, support domestic industries and create employment.
“The Final Investment Decision on Ima demonstrates what is possible when we provide investors with a competitive, predictable and enabling environment,” he said. “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.”
Since taking office, Tinubu has introduced reforms aimed at addressing years of underinvestment in Nigeria’s oil and gas industry.
While the Petroleum Industry Act of 2021 established a framework for sector reform, several projects remained constrained by fiscal and commercial conditions.
In 2024, Tinubu issued a series of Presidential Directives developed by the team led by the Special Adviser to the President on Energy, Olu Arowolo Verheijen. The measures were designed to improve fiscal competitiveness, shorten contracting timelines and reduce project costs.
Verheijen said the Ima project illustrated the objective of the administration’s reforms.
“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.
She added that the development of the resource would require investment, financing, construction and local participation before the gas could be put to productive use.
The project also highlights the increasing role of Nigerian companies and financial institutions in the country’s energy sector. AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset.
Nigerian financial institutions have arranged 77 per cent of the project’s financing, while about 60 per cent of the workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.
Nigeria has one of Africa’s largest natural gas resource bases, but substantial volumes remain undeveloped. The government’s gas strategy is focused on increasing production while expanding the domestic and export uses of the resource.
The administration says the strategy will support LNG exports and foreign exchange earnings, provide feedstock for industries, 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,” Tinubu said. “Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity.”
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