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 a gas resource that has remained undeveloped for more than five decades.
The project, 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 production.
The Ima gas resource, located offshore in Oil Mining Leases (OMLs) 112 and 117, was discovered in 1973 but remained undeveloped for over 50 years despite its substantial reserves and potential to supply feedgas to Nigeria LNG Limited.
The FID, announced on September 23, marks the latest major investment milestone in Nigeria’s gas sector and is expected to support industrial development, job creation, government revenues and wider economic activity.
The Ima project is the fourth major gas project to reach FID since President Tinubu assumed office, following the Iseni, Ubeta and HI gas projects.
President Tinubu said the development demonstrated the impact of creating a more predictable and competitive investment environment for the oil and gas industry.
“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.
He added that the government was determined to unlock more of Nigeria’s gas resources to support industrialisation, expand exports, create employment and generate economic opportunities.
The President’s administration has pursued reforms aimed at addressing years of underinvestment in the oil and gas sector. While the Petroleum Industry Act (PIA) 2021 established a new regulatory framework, several projects continued to face fiscal and commercial constraints.
In 2024, the administration introduced a series of Presidential Directives aimed at improving fiscal competitiveness, reducing contracting timelines and lowering project costs.
Special Adviser to the President on Energy, Olu Verheijen, said the Ima project illustrated the objective of the reforms—to create the commercial conditions necessary to transform proven resources into productive investments.
“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.
The project also highlights increasing indigenous participation in Nigeria’s upstream petroleum industry, with Nigerian-owned AMNI International holding 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 project workforce is expected to be drawn from host communities, including Bonny, Finima and Andoni in Rivers State.
The Federal Government said the project aligns with its broader strategy to translate Nigeria’s large gas reserves into economic value by supporting LNG exports and foreign-exchange earnings, industrial feedstock, fertiliser and petrochemical production, and improved power supply.
President Tinubu said the government’s objective was to ensure that Nigeria’s gas resources generate tangible economic opportunities for citizens.
“Natural resources have value only when they are converted into opportunities for our people,” he said.
“Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity.”
