Tinubu Hails $800m Ima Gas FID, Says Project Will Unlock 50-Year-Old Resource

By Adebola Muili

President Bola Ahmed Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as a major milestone in efforts to unlock Nigeria’s vast gas resources for investment, industrialisation, job creation and economic growth.

The President stated this in a statement made available by his Special Adviser on Information and Strategy, Bayo Onanuga, on Tuesday, September 23, 2026, following the announcement of the FID on the Ima Gas Project.

Developed by Nigerian independent oil and gas company, AMNI International, in partnership with TotalEnergies, the project 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 despite its significant reserves and potential to provide feedgas to Nigeria LNG Limited.

Tinubu said the FID demonstrated the impact of creating a competitive and predictable investment environment for the development of the country’s gas resources.

“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.

“Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities.”

The Ima Gas Project is the fourth major gas project to reach FID since Tinubu assumed office, following the Iseni, Ubeta and HI gas projects.

According to the statement, the decisions reflect growing investment momentum in Nigeria’s gas sector and the administration’s efforts to convert the country’s gas resources into productive ventures capable of creating jobs, generating revenue and expanding economic opportunities.

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

He added that his administration remained committed to unlocking more of Nigeria’s gas resources to support industries, expand exports and create jobs.

Since assuming office, the President has prioritised reforms aimed at addressing years of underinvestment in the oil and gas industry.

The statement noted that while the Petroleum Industry Act (PIA) of 2021 provided an important foundation for sector reforms, several undeveloped projects continued to face fiscal and commercial challenges that hindered their viability.

It said Tinubu, in 2024, issued a series of Presidential Directives developed by a team led by his Special Adviser on Energy, Olu Verheijen, to improve fiscal competitiveness, shorten contracting timelines and reduce project costs.

Verheijen described the Ima project as an example of the outcome the reforms were designed to achieve.

“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,” she said.

The project, according to the statement, also highlights the growing participation of indigenous companies in Nigeria’s energy sector, with AMNI International, a Nigerian-owned exploration and production company, holding a majority interest in the asset.

It further stated that Nigerian financial institutions had arranged 77 per cent of the project’s financing, while about 60 per cent of the project workforce was expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.

The Federal Government said its gas strategy was focused not only on increasing production but also on ensuring that available gas resources were deployed to support the wider economy.

The strategy, it said, includes supporting LNG exports and foreign exchange earnings, providing feedstock for industries, enabling fertiliser and petrochemical production, supporting more reliable electricity supply and creating opportunities for Nigerian businesses and workers.

“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.”