By Johnbosco Agbakwuru
ABUJA — President Bola Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as a major milestone in efforts to unlock Nigeria’s gas resources for investment, industrialisation, job creation and economic growth
The project, 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
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 to provide feed gas for Nigeria LNG Limited, the resource remained undeveloped until the FID was announced on September 23, 2026
The project is the fourth major gas development to reach FID since Tinubu assumed office, following the Iseni, Ubeta and HI projects
The President said the development demonstrated what could be achieved when investors were provided with a competitive, predictable and enabling 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,” Tinubu said
“Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities”
He added: “The Final Investment Decision on Ima demonstrates what is possible when we provide investors with a competitive, predictable and enabling environment”
Tinubu said his administration would continue to unlock more of the country’s gas resources to support industries, expand exports, create jobs and build lasting prosperity
“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,” he said
Since assuming office, the President has prioritised reforms aimed at reversing years of underinvestment in Nigeria’s oil and gas industry
Although the Petroleum Industry Act of 2021 provided a framework for investment in the sector, several undeveloped projects continued to face fiscal and commercial conditions that limited their viability
In 2024, Tinubu issued a series of presidential directives developed by the 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 to the President on Energy, Ms Olu Verheijen, said the Ima project reflected the objectives of the administration’s reforms
“The story of Ima is ultimately the story of what our reforms are designed to achieve,” Verheijen said
“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 the development demonstrated the transition from resource discovery to productive economic activity
“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,” Verheijen said
“That is the transition we are seeing today”
The project also highlights the growing participation of Nigerian companies across the energy value chain, with AMNI International, a Nigerian-owned exploration and production company, holding a majority interest in the asset
Nigerian financial institutions reportedly arranged 77 per cent of the project’s financing, while about 60 per cent of its workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State
Nigeria has one of Africa’s largest gas resource bases, although significant volumes have remained undeveloped over the years
The administration’s gas strategy focuses on using the resource to support LNG exports and foreign exchange earnings, provide feedstock for industries, enable fertiliser and petrochemical production, improve power supply and create 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”