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

The project, developed by Nigerian independent energy company AMNI International in partnership with TotalEnergies, is expected to produce up to 300 million standard cubic feet of gas per day at peak capacity.

The Ima gas field, located offshore in Oil Mining Leases 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades.

In a statement on Wednesday, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, said the FID would pave the way for development of the resource, which could provide feedgas to Nigeria LNG Limited.

Tinubu said the investment reflected the impact of reforms aimed at creating a predictable and competitive environment for investors.

“For more than 50 years, the gas beneath Ima remained a resource with enormous potential, but potential alone does not create jobs, finance businesses or improve lives,” the President said.

He added that the government was committed to unlocking more gas resources to power industries, expand exports, create jobs and strengthen economic growth.

The Ima project is the fourth major gas project to reach FID under the Tinubu administration, following the Iseni, Ubeta and HI projects.

The projects form part of the Federal Government’s efforts to attract investment into the gas sector and convert stranded resources into productive assets.

The administration has introduced reforms targeting fiscal competitiveness, project costs and lengthy contracting timelines. In 2024, Tinubu issued a series of Presidential Directives aimed at improving investment conditions in the oil and gas industry.

Special Adviser on Energy, Olu Verheijen, said the Ima development demonstrated the objective of the reforms.

“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 businesses and generate revenues,” she said.

The project also highlights growing Nigerian participation in the energy sector. AMNI International holds a majority interest in the asset, while Nigerian financial institutions have arranged 77 per cent of its financing.

About 60 per cent of the project workforce is expected to be from host communities, including Bonny, Finima and Andoni in Rivers State.