President Bola Ahmed Tinubu announced that Nigeria will provide 60% of the workforce for the $800 million Ima Gas Field project. The project, discovered in 1973, is being developed by AMNI International and TotalEnergies. Tinubu stated that his administration has introduced reforms to make investment in Nigeria more competitive and unlock onshore and shallow-water gas projects.
The Ima Gas Field project is expected to produce about 350 million cubic feet of gas every day at peak and supply about one-third of the gas required for the expansion of Nigeria LNG. The project will also create job opportunities for Nigerian engineers, technicians, and contractors, as well as stimulate economic activity in host communities.
AMNI International, a Nigerian company, holds the majority interest in the project. The development workforce is expected to comprise around 60% from the host communities. President Tinubu emphasized that the project is a result of his administration's efforts to reposition Nigeria's oil and gas sector and translate the country's natural resources into jobs and economic opportunities.
The President highlighted that since assuming office, he has signed a series of Presidential Directives and Executive Orders to make investment in Nigeria more competitive. These directives aim to reduce the cost and time required to develop projects, provide greater certainty to investors, and ensure that Nigeria's natural resources deliver greater value to its people.
The Ima Gas Field project had remained undeveloped for over 50 years. President Tinubu attributed this to previous investment challenges. However, with the new reforms, the project has reached an $800 million Final Investment Decision. This development is expected to increase Nigeria's export earnings and create more economic opportunities.
President Tinubu expressed optimism that there are more opportunities to unlock in Nigeria's oil and gas sector. He emphasized that his administration's goal is to move Nigeria's resources from potential to production, translating them into jobs, incomes, and opportunities for its people.
The project is expected to have a positive impact on Nigeria's economy and host communities. With 60% of the workforce coming from local communities, the project is poised to stimulate economic growth and provide employment opportunities for Nigerians.
Key points
- Nigeria will provide 60% of the workforce for the $800 million Ima Gas Field project.
- The project is expected to produce 350 million cubic feet of gas daily and supply one-third of the gas required for Nigeria LNG expansion.
- AMNI International, a Nigerian company, holds the majority interest in the project.
