President Bola Tinubu has welcomed the Final Investment Decision on the $800m Ima Gas Project, describing it as a significant step towards developing Nigeria’s gas resources and boosting industrial and economic activities.
The President’s Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this in a statement issued on Wednesday.
The project, operated by Nigerian independent oil and gas company AMNI International in partnership with TotalEnergies, is expected to produce up to 300 million standard cubic feet of gas per day at peak production.
The Ima gas field, located offshore in Oil Mining Leases 112 and 117, was discovered in 1973 but remained undeveloped for more than 50 years.
According to the statement, the FID is expected to facilitate the development of the resource and potentially provide feed gas to Nigeria LNG Limited.
Tinubu said the project demonstrated the importance of creating a stable and attractive investment environment.
He said, “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.
“Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities.”
The President said his administration would continue to pursue measures aimed at unlocking more gas resources for industrial use, exports and job creation.
He added, “The Final Investment Decision on Ima demonstrates what is possible when we provide 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 Nigeria’s large gas reserves had remained partly untapped for decades, stressing that the administration’s strategy was focused on increasing production and ensuring the resource was put to productive use.
He said the strategy would support LNG exports and foreign exchange earnings, provide feedstock for industries, promote fertiliser and petrochemical production, improve electricity supply and create opportunities for local businesses and workers.
The President said, “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.”
The Ima project is the fourth major gas project to reach FID under the Tinubu administration, following the Iseni, Ubeta and HI projects.
The projects form part of Federal Government efforts to attract fresh investment into the gas sector and transform gas reserves into productive assets capable of generating employment, government revenue and wider economic opportunities.
The administration has also introduced reforms targeting longstanding challenges that have discouraged investment in Nigeria’s oil and gas industry.
Although the Petroleum Industry Act 2021 established a framework for investment, a number of projects remained stalled because of fiscal and commercial constraints.
In 2024, Tinubu issued a series of Presidential Directives aimed at improving the sector’s fiscal competitiveness, reducing project costs and shortening contracting timelines.
Special Adviser on Energy, Olu Verheijen, said the development of the Ima project showed the potential impact of the reforms.
She said, “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.”
Verheijen added that the long-delayed gas discovery could only deliver economic benefits through investment and development.
She said, “A gas discovery made in 1973 can only contribute to prosperity when somebody invests the capital to develop it, banks finance it, contractors build it, Nigerians work on it, and the gas is ultimately put to productive use.
“That is the transition we are seeing today.”
The project also reflects the participation of Nigerian companies and financial institutions in the energy sector. AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset.
Nigerian financial institutions reportedly arranged 77 per cent of the project’s financing, while about 60 per cent of the workforce is expected to be drawn from host communities, including Bonny, Finima and Andoni in Rivers State.
