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.
Developed by Nigerian independent energy company AMNI International in partnership with TotalEnergies, the Ima Gas Project is expected to produce about 300 million standard cubic feet of gas per day at peak production, according to a statement issued on Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
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.
“Despite its significant reserves and potential as a source of feedgas for Nigeria LNG Limited, the resource remained underground and unable to contribute meaningfully to Nigeria’s economy. The FID, announced on September 23, has changed this,” the statement said.
Onanuga said the Ima Gas Project is 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 demonstrate growing momentum in Nigeria’s gas sector and reflect the administration’s efforts to convert the country’s gas resources into productive projects that create jobs, generate revenue and expand economic opportunities.
Reacting to the development, Tinubu said the project showed the importance of creating the right conditions for investment.
“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,” he said.
“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.”
Since taking office, Tinubu has prioritised reforms aimed at reversing years of underinvestment in Nigeria’s oil and gas industry.
Although the Petroleum Industry Act of 2021 provided an important regulatory foundation, several projects remained undeveloped because of fiscal and commercial challenges.
In 2024, Tinubu issued a series of Presidential Directives developed by a team led by his Special Adviser on Energy. The directives were aimed at improving fiscal competitiveness, shortening contracting timelines and reducing project costs.
The Special Adviser on Energy, Olu Verheijen, said the Ima project demonstrated the intended impact of the 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.
“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 highlights the growing participation of Nigerian companies and financial institutions across the energy value chain, according to the statement.
AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset, reflecting the growing capacity of indigenous companies to lead major developments in Nigeria’s upstream sector.
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 come from host communities, including Bonny, Finima and Andoni in Rivers State, Onanuga said.
For decades, Nigeria has maintained one of Africa’s largest gas resource bases, but significant volumes have remained undeveloped.
The administration’s gas strategy therefore focuses not only on increasing production but also on putting the resource to productive use by supporting LNG exports and foreign exchange earnings, providing feedstock for industries, enabling fertiliser and petrochemical production, improving power supply and 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.”
