‘$800 Million Ima Gas Project Shows My Reforms Are Paying Off’ – Tinubu

President Bola 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 gas resources for industrialisation, job creation, and economic growth.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated this in a statement issued on Wednesday. The statement said the project, developed by Nigerian independent exploration and production company, AMNI International, in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak.

Although the Petroleum Industry Act 2021 provided a framework for the industry, the President noted that several undeveloped projects lacked the fiscal and commercial conditions needed to become viable. He stated that his administration has prioritised reforms to reverse years of underinvestment in the oil and gas sector.

The achievement of Final Investment Decision on the Ima Gas Development Project is a tangible demonstration of the positive impact of the policy reforms championed by His Excellency, President Bola Ahmed Tinubu. The Executive Orders and broader regulatory reforms approved by Mr President have strengthened investor confidence and improved the attractiveness of Nigeria’s gas sector.

The Special Adviser to the President on Energy, Ms. Olu Verheijen, added that the project reflects the objectives of the administration’s reforms, noting that the Ima field, discovered in 1973, had remained untapped for over five decades due to a lack of necessary investment conditions.