President Bola Tinubu has welcomed the $800m Final Investment Decision reached on the Ima Gas Project, describing it as a major milestone in efforts to unlock Nigeria’s gas resources for 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 production.
The Ima gas resource, located offshore in Oil Mining Leases 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades.
Despite its significant reserves and potential to serve as a feed gas source for Nigeria LNG Limited, the resource had remained underground without making a significant contribution to the Nigerian economy until the Final Investment Decision announced on Wednesday.
Tinubu said the development demonstrated the impact of creating a more favourable environment for investment in the oil and gas sector.
“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,” the President said.
He added, “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 Ima Gas Project is the fourth major gas project to reach Final Investment Decision since Tinubu assumed office, following the Iseni, Ubeta and HI projects.
The Presidency said the investment decisions reflected growing momentum in Nigeria’s gas sector and the administration’s efforts to convert the country’s gas resources into productive projects capable of generating revenue, creating jobs and expanding economic opportunities.
Since assuming office, Tinubu has prioritised reforms aimed at reversing years of underinvestment in Nigeria’s oil and gas industry.
Although the Petroleum Industry Act 2021 provided a foundation for reforms in the sector, several projects remained undeveloped because of fiscal and commercial conditions that made them difficult to advance.
In 2024, Tinubu issued a series of Presidential Directives developed by a team led by the Special Adviser to the President on Energy. The directives were designed to improve fiscal competitiveness, shorten contracting timelines and reduce project costs.
The Special Adviser to the President on Energy, Olu Verheijen, said the development of the Ima project illustrated the objective of the administration’s reforms.
“The story of Ima is ultimately the story of what our reforms are designed to achieve. 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 added that the development of the project demonstrated the importance of moving from resource discovery to actual investment and production.
“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. That is the transition we are seeing today,” she said.
The project also highlights the increasing participation of Nigerian companies in the energy value chain, with AMNI International, a Nigerian-owned exploration and production company, holding a majority interest in the asset.
The Presidency said this demonstrated the growing capacity of indigenous companies to participate in and lead major developments in Nigeria’s upstream oil and gas industry.
Nigerian financial institutions have 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 is aimed at increasing production and ensuring that the resource supports LNG exports and foreign exchange earnings, provides feedstock for industries, enables fertiliser and petrochemical production, supports improved power supply and creates opportunities for Nigerian businesses and workers.
“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.
