Tinubu hails $800m investment decision on 50-year-old Ima gas project

President Bola Tinubu has praised the $800 million Final Investment Decision (FID) granted to the Ima Gas Project, marking a significant step towards unlocking Nigeria's vast gas resources for industrialization, job creation, and economic growth. The project, jointly developed by Nigerian independent exploration and production company AMNI International and TotalEnergies, is expected to produce approximately 300 million standard cubic feet of gas daily at full capacity.

Discovered in 1973 but left undeveloped for over five decades, the Ima gas resource resides offshore in Oil Mining Leases 112 and 117. Tinubu emphasized that the decision underscores the importance of creating a competitive and predictable environment for investors, stating that resources with potential alone do not generate jobs, finance businesses, or improve lives.

The FID on Ima demonstrates the positive impact of a supportive environment, according to Tinubu, who aims to convert Nigeria's natural resources into productive investments and economic opportunities. This marks the fourth major gas project to reach FID since Tinubu took office, reflecting the government's commitment to attracting investment in the gas sector and leveraging Nigeria's rich gas resources to drive economic growth and prosperity.