ABUJA — 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 long-stranded gas resources for industrial development, job creation and economic growth.
The Presidency, in a statement issued on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the project, being 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.
According to the statement, the project has the potential to provide feedgas for Nigeria LNG Limited, while its development is expected to create jobs, generate government revenues and expand opportunities for Nigerian businesses.
The Presidency described the FID as the fourth major gas project to reach the investment decision stage since Tinubu assumed office, following the Iseni, Ubeta and HI projects.
Tinubu said the development demonstrated the importance of creating a predictable and competitive investment environment for the country’s energy 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 added that his administration would continue efforts to develop Nigeria’s gas resources to support domestic industries, expand exports and create employment.
The President’s Special Adviser on Energy, Olu Arowolo Verheijen, said the Ima project illustrated the objective of recent government reforms aimed at improving the commercial conditions for investment in the oil and gas industry.
“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 said.
The Presidency said the government introduced a series of presidential directives in 2024 aimed at improving fiscal competitiveness, shortening contracting timelines and reducing costs in the oil and gas sector.
It also highlighted the growing role of indigenous companies and Nigerian financial institutions in the project.
According to the statement, AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset, while Nigerian financial institutions have arranged 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, the Presidency said.
The government said the project formed part of its broader gas strategy, which seeks to use Nigeria’s substantial gas reserves to support LNG exports, industrial feedstock, fertiliser and petrochemical production, power generation and new business opportunities.
“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.”
