By BONIFACE AKARAH

President Bola Ahmed Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as another major step towards unlocking Nigeria’s gas resources for investment, industrialisation, job creation and economic growth.

The President’s position was contained in a State House press release signed by his Special Adviser on Information and Strategy, Bayo Onanuga, and dated September 23, 2026, following the announcement of the FID on the Ima Gas Project.

Developed by Nigerian independent energy 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 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 for Nigeria LNG Limited.

President Tinubu said the FID represented a transition from leaving the resource underground to putting it to productive economic use.

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

He added that the investment decision demonstrated the potential of reforms aimed at creating a more predictable environment for investors.

“The Final Investment Decision on Ima demonstrates what is possible when we provide investors with a competitive, predictable and enabling environment. We are determined to unlock more of Nigeria’s gas resources to power our industries, expand our exports, create jobs and build lasting prosperity for our people,” the President said.

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

The State House said the decisions reflected growing investment momentum in Nigeria’s gas sector and the administration’s effort to convert the country’s gas resources into productive projects capable of creating jobs, generating revenues and expanding economic opportunities.

Special Adviser to the President on Energy, Olu Arowolo Verheijen, said the Ima project illustrated the purpose of the administration’s reforms in the energy sector.

“The story of Ima is ultimately the story of what our reforms are 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,” Verheijen said.

She added that the long delay between the discovery of the gas resource and its development highlighted the importance of securing the investment and commercial conditions necessary to bring energy projects into production.

“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. That is the transition we are seeing today,” she said.

According to the Presidency, the FID followed a series of reforms introduced by the Tinubu administration to address years of underinvestment in the oil and gas industry.

It said that although the Petroleum Industry Act of 2021 provided an important foundation for the sector, several projects remained undeveloped because of fiscal and commercial challenges.

In 2024, the President issued a series of Presidential Directives developed by the team led by Verheijen. The directives were aimed at improving fiscal competitiveness, shortening contracting timelines and reducing project costs.

The project also highlights increasing Nigerian participation in the upstream energy sector, with AMNI International, a Nigerian-owned exploration and production company, holding a majority interest in the asset.

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

For decades, Nigeria has maintained one of Africa’s largest gas resource bases, although substantial volumes have remained undeveloped.

The Tinubu administration’s gas strategy, according to the Presidency, is therefore focused not only on increasing gas production but also on using the resource to support LNG exports and foreign exchange earnings, provide feedstock for industries, enable fertiliser and petrochemical production and support a more reliable power supply.

“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.”