By Daniel Oluwatobiloba Popoola
President Bola Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as another major milestone in his administration’s drive to unlock Nigeria’s vast gas resources for investment, industrialisation, job creation and economic prosperity.
This was disclosed on the official X handle of the Presidency, @NGRPresident, on Wednesday, 23 September, 2026.
According to the statement, 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 as a source of feedgas for Nigeria LNG Limited.
The statement explained that the project, developed by Nigerian independent AMNI International in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak, marking the fourth major gas project to reach Final Investment Decision since Tinubu assumed office, following the Iseni, Ubeta and HI FIDs.
The Presidency noted that since assuming office, Tinubu had prioritised reforms to reverse years of underinvestment in Nigeria’s oil and gas industry, explaining that although the Petroleum Industry Act of 2021 laid an important foundation, several undeveloped projects lacked the fiscal and commercial conditions needed to become viable.
It disclosed that in 2024, the President issued a series of Presidential Directives developed by a team led by the Special Adviser to the President on Energy, aimed at improving fiscal competitiveness, shortening contracting timelines and reducing costs.
The Special Adviser to the President on Energy, Ms Olu Arowolo Verheijen, explained that the Ima project reflected the essence of the administration’s reforms.
“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,” she said.
President Tinubu, speaking on the significance of the project, stressed that Nigeria’s gas resources could only translate into prosperity through deliberate investment and industry.
“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,” he said.
The President added that the Ima FID demonstrated what was achievable when investors were provided with a competitive and predictable environment.
“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,” he said.
Beyond the investment milestone, the statement highlighted the growing depth of Nigerian participation across the energy value chain, noting that AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset, reflecting the increasing capacity of indigenous companies to lead significant developments in the country’s upstream sector.
It disclosed that Nigerian financial institutions had arranged 77 per cent of the project’s financing, with around 60 per cent of the project workforce expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.
The statement explained that a 1973 gas discovery could only contribute to prosperity when capital is invested to develop it, banks finance it, contractors build it, and Nigerians work on it to put the gas to productive use, describing this as the transition now under way with the Ima project.
On the broader implications of the FID, the statement disclosed that the Tinubu administration’s gas strategy focused not simply on producing more gas, but on putting that gas to work by supporting LNG exports and foreign exchange earnings, providing feedstock for industry, enabling fertiliser and petrochemical production, supporting more reliable power supply and creating new opportunities for Nigerian businesses and workers.
Tinubu stressed that natural resources only held value when converted into opportunities for citizens.
“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,” he said.
