President Bola Ahmed Tinubu has welcomed the $800 million Final Investment Decision (FID) for the Ima Gas Project, describing it as a major step towards developing one of Nigeria’s long-undervaloped gas resources.
The Ima Gas Project involves Nigerian independent energy company AMNI International and TotalEnergies. The offshore gas resource, located within Oil Mining Leases 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades.
According to a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the project is expected to produce about 300 million standard cubic feet of gas per day at peak capacity.
The development could also provide feed gas for Nigeria LNG Limited, potentially linking the long-standing offshore resource to Nigeria’s wider gas and export ambitions.
Tinubu Welcomes Investment Decision
President Tinubu said the FID demonstrated what could be achieved when Nigeria creates conditions that encourage investors to commit capital to long-term projects.
He noted that the Ima gas resource had remained underground for more than 50 years despite its potential economic value.
“For more than fifty years, the gas beneath Ima remained a resource with enormous potential,” Tinubu said.
He added that natural resources alone do not create jobs or finance businesses unless they are converted into productive investments.
Fourth Major Gas FID Under Tinubu
The Presidency said the Ima development represents the fourth major gas project to reach Final Investment Decision since Tinubu assumed office.
It follows the Iseni, Ubeta and HI gas projects, according to the statement.
The administration has linked the investment decisions to efforts to improve the commercial environment for oil and gas projects and encourage the development of previously stalled resources.
Government Highlights Energy Reforms
The Presidency said the Petroleum Industry Act of 2021 provided an important foundation for sector reforms, while additional measures were introduced in 2024 to address investment barriers.
The measures included efforts to improve fiscal competitiveness, shorten contracting processes and reduce project costs.
Special Adviser to the President on Energy, Olu Arowolo Verheijen, said the Ima project illustrates the objective of those reforms.
“Nigeria has never lacked resources,” Verheijen said, adding that the challenge has been creating the commercial and investment conditions needed to move resources from the ground into productive projects.
Nigerian Participation in the Project
The Presidency also highlighted the role of Nigerian companies and financial institutions in the project.
AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset, according to the statement.
Nigerian financial institutions are also reported to have arranged about 77 per cent of the project financing.
The project is expected to draw significant participation from people living in the host communities, with about 60 per cent of the workforce projected to come from communities including Bonny, Finima and Andoni in Rivers State.
Gas Development and Nigeria’s Economy
The Tinubu administration has said it wants Nigeria’s gas resources to support several areas of the economy, including LNG exports, industrial production, fertiliser manufacturing and electricity generation.
The government also sees gas development as a potential source of foreign exchange earnings and opportunities for Nigerian businesses.
Tinubu said his administration would continue working to unlock more gas resources and convert them into productive investments.
“Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity,” the President said.
The Ima FID therefore marks another step in the development of a gas resource that has remained undeveloped since its discovery in 1973.
Source channels TV
