Tinubu hails $800m Ima Gas FID as Nigeria unlocks 50-year-old gas resource

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 investment, industrialisation, job creation and economic growth.

The project, developed by Nigerian independent oil and gas company 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.

In 2024, Tinubu issued a series of presidential directives to improve the investment climate and accelerate the execution of gas projects in the country.

The Ima gas project marks the fourth major gas project to reach Final Investment Decision since President Tinubu assumed office, following the Iseni, Ubeta, and HI FIDs.

Special Adviser to the President, Bayo Onanuga, noted that Nigerian financial institutions arranged 77 per cent of the financing, while around 60 per cent of the project workforce will come from Bonny, Finima, and Andoni in Rivers State.