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President Bola Ahmed Tinubu has welcomed the Final Investment Decision (FID) on the $800 million Ima Gas Project, describing it as a major step towards unlocking Nigeria’s gas resources for industrial development, job creation and economic growth.
The project, developed by Nigerian-owned AMNI International in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak.
The Ima gas resource, located offshore in Oil Mining Leases (OMLs) 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades.
The Presidency, in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Wednesday, said the FID announced on September 23 would enable the resource to contribute to Nigeria’s economy.
Tinubu said the project demonstrated the potential of reforms aimed at creating a competitive and predictable environment for investors in the oil and gas sector.
“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.
He added that the administration was determined to unlock more of Nigeria’s gas resources to power industries, expand exports, create jobs and support long-term economic growth.
The Ima project is the fourth major gas project to reach FID since Tinubu assumed office, following the Iseni, Ubeta and HI projects.
The Presidency said the projects reflected increased investment momentum in Nigeria’s gas sector and efforts to convert the country’s gas reserves into productive economic assets.
Special Adviser to the President on Energy, Olu Verheijen, said the Ima project demonstrated the importance of creating the commercial and investment conditions required to develop Nigeria’s natural resources.
She said the project would create employment, opportunities for Nigerian businesses and government revenues while supporting economic growth.
According to the statement, Nigerian financial institutions arranged 77 per cent of the project’s financing, while about 60 per cent of its workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.
The Presidency said the project would also support Nigeria’s LNG exports, industrial feedstock, fertiliser and petrochemical production, power supply and other economic activities.
Tinubu said, “Natural resources have value only when they are converted into opportunities for our people. Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity.”
