President Bola Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Development Project by AMNI International and TotalEnergies. The project, discovered in 1973, is located offshore in Oil Mining Leases 112 and 117. Tinubu stated that the investment marked a major milestone in his administration's efforts to unlock Nigeria's vast gas resources for investment, industrialization, job creation, and economic growth.
The Ima Gas Project is expected to produce about 300 million standard cubic feet of gas per day at peak. The project becomes the fourth major gas project to reach FID since Tinubu assumed office, following the Iseni, Ubeta, and HI projects. The presidency said the FIDs reflect growing momentum in Nigeria's gas sector and the administration's efforts to convert the country's gas resources into productive projects.
Tinubu noted that for over 50 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 people. He explained that the FID on Ima demonstrates what is possible when governments provide investors with a competitive, predictable, and enabling environment.
The president has prioritized reforms aimed at addressing years of underinvestment in Nigeria's oil and gas industry. In 2024, he issued a series of presidential directives designed to improve fiscal competitiveness, shorten contracting timelines, and reduce project costs. These directives were developed by a team led by his Special Adviser on Energy, Olu Verheijen.
The Ima project highlights growing Nigerian participation across the energy value chain. AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset. Nigerian financial institutions have arranged 77% of the project's financing, while about 60% of its workforce is expected to come from host communities.
Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo commended Tinubu for policy reforms that helped strengthen investor confidence and facilitated the FID. Ekpo described the FID as a major milestone for Nigeria's gas sector and a vote of confidence in the investment potential of the country's energy industry.
The project is expected to add about 350 million standard cubic feet per day to Nigeria's gas production capacity when it comes on stream in 2028. Ekpo said the project would help strengthen domestic gas supply and advance the government's ambition to use natural gas to support industrialization, energy security, and economic growth.
Key points
- The Ima Gas Development Project is expected to produce 300 million standard cubic feet of gas per day at peak.
- The project is expected to add 350 million standard cubic feet per day to Nigeria's gas production capacity.
- Nigerian financial institutions have arranged 77% of the project's financing.
