Tinubu Hails $800m Ima Gas Project FID After Five Decades of Waiting

President Bola Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as a major step towards unlocking Nigeria’s long-undeveloped gas resources for industrial and economic development.

The project, developed by Nigerian independent energy 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. The Presidency said the September 23 FID will now allow the resource to move towards development and productive use.

According to the Presidency, the Ima project is the fourth major Nigerian gas project to reach FID since Tinubu assumed office, following the Iseni, Ubeta and HI projects. The government said the decisions reflect increased investment momentum in the gas sector.

Tinubu said the development showed the importance of creating an investment environment capable of turning natural resources into productive economic activity. He said the administration wanted to unlock more gas resources to support industries, increase exports and create employment opportunities.

The Presidency attributed the development partly to reforms introduced under the administration, including measures announced in 2024 to improve fiscal competitiveness, shorten contracting timelines and reduce project costs. Special Adviser on Energy Olu Arowolo Verheijen said the reforms were aimed at creating the commercial conditions needed to move gas resources from discovery to development.

The project is also expected to increase Nigerian participation in the energy value chain. AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset, while Nigerian financial institutions have arranged 77 per cent of the project’s financing.

The Presidency said about 60 per cent of the project workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State. It added that the gas is expected to support LNG exports, industrial feedstock, fertiliser and petrochemical production, power generation and opportunities for Nigerian businesses.