President Bola Tinubu has welcomed the $800 million Final Investment Decision (FID) for the Ima Gas Project, describing it as a major step towards unlocking Nigeria’s vast gas resources for 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 production.
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.
The FID, announced on Wednesday, marks the fourth major gas project to reach investment decision since Tinubu assumed office, following the Iseni, Ubeta and HI projects.
Tinubu said the development demonstrated the impact of reforms aimed at creating a more competitive and predictable investment environment in Nigeria’s oil and gas sector.
“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 said the administration would continue working to unlock more gas resources to power industries, expand exports, create jobs and drive economic growth.
The Ima project is expected to have significant local participation, with Nigerian financial institutions arranging 77 per cent of the project’s financing.
About 60 per cent of the project workforce is also expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.
Tinubu said the project reflected the growing capacity of Nigerian companies to participate in major upstream developments, noting that AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset.
Special Adviser to the President on Energy, Olu Arowolo Verheijen, said the project illustrated the administration’s efforts to address the commercial and investment challenges that had kept Nigeria’s gas resources undeveloped.
According to her, the discovery of gas alone was insufficient to generate economic value without the capital, financing, infrastructure and workforce required to develop and commercialise it.
The administration introduced a series of Presidential Directives in 2024 aimed at improving fiscal competitiveness, shortening contracting timelines and reducing costs in the oil and gas industry.
The Presidency said the directives were part of broader efforts to reverse years of underinvestment in the sector, building on the foundation provided by the Petroleum Industry Act of 2021.
The Ima project is expected to provide additional gas for domestic and export-oriented uses, including LNG production, power generation, fertiliser and petrochemical manufacturing, while creating 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.”