President Bola 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 gas resources for investment, industrialisation and job creation.
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 capacity.
Presidential spokesman Bayo Onanuga, in a statement on Wednesday in Abuja, said the Ima gas resource, located offshore in OMLs 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades.
Despite its reserves and potential to supply feed gas to Nigeria LNG Limited, the resource had remained largely untapped.
Tinubu said the investment demonstrated his administration’s efforts to create a more competitive and predictable environment for energy investors.
“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 lives,” the President said.
He added that the government was focused on creating conditions that would transform Nigeria’s natural resources into productive investments and economic opportunities.
According to the Presidency, the Ima project is the fourth major gas development to reach FID since Tinubu assumed office, following the Iseni, Ubeta and HI projects.
The administration has introduced several measures aimed at attracting investment into the oil and gas industry, including reforms intended to improve fiscal competitiveness, shorten contracting timelines and reduce project costs. The government has also recently introduced a framework designed to improve certainty for large offshore energy investments.
Special Adviser to the President on Energy, Olu Verheijen, said the Ima project reflected the government’s objective of turning long-standing gas discoveries into commercially productive assets.
The project is also expected to deepen Nigerian participation in the energy sector, with AMNI International holding a majority interest. Nigerian financial institutions are expected to provide 77 per cent of the financing, while about 60 per cent of the workforce is projected to come from host communities.
The host communities include Bonny, Finima and Andoni in Rivers State.
At full development, the project is expected to support LNG exports and provide feedstock for industries, including fertiliser and petrochemical production, as well as contribute to power supply.
Tinubu said his administration would continue to pursue investments that could expand domestic gas utilisation and generate economic opportunities.
“Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity,” he said.
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