President Bola Ahmed Tinubu has welcomed the $800 million Final Investment Decision (FID) for the long-delayed Ima Gas Project, describing the development as another major step towards unlocking Nigeria’s vast gas resources and attracting investment into the energy sector.

The FID, announced on September 23, 2026, is expected to pave the way for the development of the Ima gas resource, which was discovered offshore more than five decades ago.

Developed by Nigerian independent oil and gas company AMNI International in partnership with TotalEnergies, the project is projected to produce approximately 300 million standard cubic feet of gas per day at peak production.

The Ima gas resource is located offshore in OMLs 112 and 117. Although discovered in 1973, the resource remained undeveloped for more than 50 years, despite its potential to supply gas to Nigeria LNG Limited and support wider industrial activities.

Tinubu said the latest investment decision demonstrates the impact of reforms aimed at creating a more competitive and predictable environment for investors in Nigeria’s oil and gas industry.

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,” the President said.

According to him, the government’s responsibility is to create the conditions that transform Nigeria’s natural resources into productive investments and economic opportunities.

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

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 Federal Government said the series of investment decisions reflects growing momentum in Nigeria’s gas industry and efforts to convert the country’s substantial gas reserves into commercially viable projects.

Tinubu’s administration has made increased investment in the oil and gas sector a key part of its economic strategy, particularly amid years of underinvestment and delays in developing several discoveries.

Although the Petroleum Industry Act (PIA) 2021 established a new regulatory framework for the industry, the government said some projects continued to face fiscal and commercial obstacles.

In 2024, Tinubu issued a series of Presidential Directives aimed at improving fiscal competitiveness, reducing project costs and shortening contracting timelines.

Special Adviser to the President on Energy, Olu Verheijen, said the Ima project illustrates the objective of the administration’s reforms.

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, Verheijen said.

She noted that the discovery of a resource alone does not guarantee economic benefits.

“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, she added.

The project is also expected to deepen Nigerian participation in the upstream oil and gas sector.

AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset, highlighting the growing role of indigenous companies in major energy developments.

The Federal Government said Nigerian financial institutions have arranged 77 per cent of the project’s financing.

In addition, approximately 60 per cent of the project workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.

The government said the project could therefore generate employment and business opportunities beyond direct oil and gas production.

Nigeria has one of Africa’s largest natural gas resource bases, but substantial volumes have remained undeveloped for decades.

The Tinubu administration said its gas strategy is focused not only on increasing production but also on using gas to drive broader economic activity.

The government expects increased gas availability to support LNG exports, foreign exchange earnings, industrial production, fertiliser and petrochemical manufacturing, electricity generation and Nigerian businesses.

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

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

The Presidency said the Ima FID represents another step towards turning previously stranded or undeveloped gas resources into productive assets capable of supporting investment, employment, government revenue and economic growth.