By Ayomide Otitoju
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 industrialisation, investment and job creation.
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, according to a statement issued on Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
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.
Onanuga said the FID announced on September 23 had changed the outlook for the resource, which is also expected to serve as feedgas for Nigeria LNG Limited.
He said the Ima project was the fourth major gas project to reach FID since Tinubu assumed office, following the Iseni, Ubeta and HI projects.
According to him, the FIDs reflect increased investment momentum in Nigeria’s gas sector and the administration’s efforts to convert the country’s gas resources into productive projects capable of creating jobs, generating revenue and expanding economic opportunities.
Reacting to the development, Tinubu said the project demonstrated the importance of creating a competitive and predictable environment for 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 the lives of our people,” he said.
“Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities.
“The Final Investment Decision on Ima demonstrates what is possible when we provide investors with a competitive, predictable and enabling environment. 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.”
The President has prioritised reforms in the oil and gas sector since assuming office, with the administration seeking to address years of underinvestment and improve the commercial viability of undeveloped projects.
Onanuga said the Petroleum Industry Act of 2021 provided an important foundation, but several projects still required improved fiscal and commercial conditions.
He said a series of Presidential Directives issued in 2024, following recommendations by the team led by the Special Adviser to the President on Energy, were designed to improve fiscal competitiveness, shorten contracting timelines and reduce project costs.
The Special Adviser on Energy, Olu Verheijen, said the Ima project demonstrated the objective of the administration’s reforms.
“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.
Verheijen said the development of the 1973 gas discovery required investment, financing, contractors and Nigerian workers before the resource could contribute to economic growth.
The statement said the project also highlighted increasing Nigerian participation across the energy value chain.
AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset, which the government said demonstrated the growing capacity of indigenous companies to lead major upstream developments.
Onanuga said Nigerian financial institutions had arranged 77 per cent of the project’s financing, while about 60 per cent of its workforce was expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.
The statement said the administration’s gas strategy was focused not only on increasing production but also on deploying gas to support LNG exports, foreign exchange earnings, industrial feedstock, fertiliser and petrochemical production and more reliable power supply.
“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.”
