Tinubu hails $800m investment decision on 50-year-old Ima gas project

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President Bola Tinubu has welcomed the $800m Final Investment Decision 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.

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The Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated this in a statement issued on Wednesday.

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The statement said the project, developed by Nigerian independent exploration and production company, AMNI International, in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak.

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It stated that 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.

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The statement said the final Investment Decision, announced on Wednesday, is expected to pave the way for the development of the resource, which has the potential to provide feedgas for Nigeria LNG Limited.

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According to the statement, Tinubu said the development demonstrated the impact of creating a predictable and competitive environment for investors.

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He stated, “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.

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“Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities.”

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The President added, “The Final Investment Decision on Ima demonstrates what is possible when we provide investors with a competitive, predictable and enabling environment.

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“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.”

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The President said that for decades, Nigeria has had one of Africa’s largest gas resource bases, although significant volumes have remained undeveloped.

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He added that this administration’s gas strategy is focused not only on increasing gas production but also on putting the resource to productive use by supporting LNG exports and foreign exchange earnings, providing feedstock for industries, enabling fertiliser and petrochemical production, improving power supply and creating opportunities for Nigerian businesses and workers.

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“Natural resources have value only when they are converted into opportunities for our people.

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“Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity,” the President said.

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The Ima Gas Project is the fourth major gas project to reach FID since Tinubu assumed office, following the Iseni, Ubeta and HI projects.

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The projects are part of the Federal Government’s efforts to attract investment into the gas sector and convert Nigeria’s gas resources into productive assets capable of generating jobs, revenue and economic opportunities.

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Tinubu’s administration has introduced reforms aimed at addressing years of underinvestment in the oil and gas industry.

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Although the Petroleum Industry Act 2021 provided a framework for investment in the sector, several projects remained undeveloped due to fiscal and commercial challenges.

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In 2024, the President issued a series of Presidential Directives developed by his team led by the Special Adviser on Energy, Olu Verheijen, aimed at improving fiscal competitiveness, reducing costs and shortening contracting timelines.

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Verheijen said the development of the Ima project reflected the objectives of the reforms.

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She stated, “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.”

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She added, “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.

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“That is the transition we are seeing today.”

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The project also highlights the growing 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.

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Nigerian financial institutions have arranged 77 per cent of the project’s financing, while about 60 per cent of the project workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.

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