$800 million Ima gas project reaches final investment decision

President Bola Tinubu has welcomed an $800 million final investment decision for Nigeria’s Ima Gas Project, saying it will help unlock the country’s gas resources for industrial development, jobs and economic growth. According to a statement by presidential spokesperson Bayo Onanuga, the project is being developed by Nigerian independent producer AMNI International in partnership with TotalEnergies. It is expected to produce about 300 million standard cubic feet of gas per day at peak production.

The resource is located offshore in Oil Mining Leases 112 and 117. It was discovered in 1973 but had remained undeveloped for more than five decades. The statement said the project could provide feedgas for Nigeria LNG and support wider industrial uses.

Onanuga described the Ima decision as the fourth major gas project to reach final investment decision since Tinubu took office, after the Iseni, Ubeta and HI projects. The administration says reforms introduced in 2024 were intended to improve fiscal competitiveness, shorten contracting timelines and reduce costs. AMNI holds a majority interest in the asset.

Nigerian financial institutions arranged 77 per cent of the financing, while about 60 per cent of the workforce is expected to come from host communities including Bonny, Finima and Andoni in Rivers State. Tinubu said the project showed the importance of creating conditions that turn natural resources into productive investments. Energy adviser Olu Verheijen said development would require capital, financing, contractors and workers before the gas could generate economic benefits.