President Bola Ahmed Tinubu has welcomed the $800 million Final Investment Decision (FID) for the Ima Gas Project, describing the development as another major milestone in efforts to unlock Nigeria’s vast gas resources for investment, industrialisation, job creation and economic growth.
The project, being 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 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades despite its significant reserves and potential as a feed gas source for Nigeria LNG Limited.
The Final Investment Decision announced on September 23 marks a major step towards developing the long-standing resource and bringing it into productive use.
The Presidency 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 the Federal Government, the series of investment decisions reflects growing momentum in Nigeria’s gas sector and efforts to convert previously undeveloped resources into productive projects that can generate revenue, create jobs and expand economic opportunities.
Tinubu said the development demonstrated what could be achieved by creating a more competitive and predictable investment environment.
“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 remained committed to unlocking more of Nigeria’s gas resources to support industries, expand exports, create jobs and promote long-term economic growth.
The Special Adviser to the President on Energy, Olu Verheijen, said the Ima project illustrated the importance of creating the commercial and investment conditions needed to move resources from discovery to development.
She said Nigeria had never lacked natural resources, but that the challenge had been creating conditions that would enable investors, financial institutions, contractors and workers to turn those resources into productive projects.
The Presidency said 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 sector.
The project also highlights the growing participation of Nigerian companies in the country’s energy industry. AMNI International, a Nigerian-owned exploration and production company, holds 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 come from host communities, including Bonny, Finima and Andoni in Rivers State.
The Federal Government said the project is expected to support LNG exports and foreign-exchange earnings while providing feedstock for industries, fertiliser and petrochemical production and contributing to a more reliable power supply.
The development also forms part of the government’s broader strategy to increase the utilisation of Nigeria’s substantial natural gas resources, much of which has remained undeveloped over the years.
Tinubu said the administration’s objective was to ensure that Nigeria’s natural resources are translated into wider economic opportunities for citizens.
“Natural resources have value only when they are converted into opportunities for our people,” the President said. “Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity.”
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