President Bola Ahmed Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as another major milestone in his administration’s drive to unlock Nigeria’s vast gas resources for investment, industrialisation, job creation and economic prosperity. Developed by Nigerian independent AMNI International in partnership with TotalEnergies, the project is expected to produce about 300 million standard cubic feet of gas per day at peak.
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 significant reserves and potential as a feed gas source for Nigeria LNG Limited, it stayed underground and unable to contribute meaningfully to the economy until the FID announced on September 23.
The Ima project marks the fourth major gas project to reach FID since President Tinubu assumed office, following the Iseni, Ubeta, and HI projects. The Presidency said these FIDs reflect growing momentum in Nigeria’s gas sector and the administration’s resolve to convert vast resources into productive ventures that create jobs, generate revenues and expand economic opportunities.
Reacting to the development in a statement issued by Bayo Onanuga,Special Adviser to the President on Information and Strategy,
President Tinubu said: “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. Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities.” He added that the FID demonstrates what is possible with a competitive, predictable and enabling environment.
Since assuming office, Tinubu has prioritised reforms to reverse years of underinvestment in the oil and gas industry. Although the Petroleum Industry Act of 2021 laid a foundation, several projects lacked viable fiscal conditions. In 2024, he issued Presidential Directives, developed by the team led by the Special Adviser on Energy, to improve fiscal competitiveness, shorten contracting timelines and reduce costs.
Special Adviser to the President on Energy, Ms Olu Arowolo Verheijen, said the Ima story reflects the goal of the 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.
The project also highlights growing Nigerian participation across the energy value chain, with AMNI International holding majority interest, while Nigerian financial institutions arranged 77 per cent of the financing and about 60 per cent of the workforce is expected from host communities including Bonny, Finima and Andoni in Rivers State. “Natural resources have value only when they are converted into opportunities for our people. Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity,” Tinubu said.
