Tinubu Hails $800M Ima Gas Project FID, Unlocking 53-Year-Old Offshore Resource

ABUJA, NIGERIA — President Bola Ahmed Tinubu has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, marking a historic breakthrough for an offshore resource that has remained untapped for over five decades.

The project, located offshore in OMLs 112 and 117, was first discovered in 1973. Despite its vast potential to supply feedgas to Nigeria LNG Limited, the resource sat underground for 53 years due to unviable commercial conditions. The FID, announced on September 23, 2026, officially greenlights its development.

The milestone represents the fourth major gas project to reach an FID under the Tinubu administration, following previous advancements on the Iseni, Ubeta, and HI projects.

A Boost for Local Content and Financing

The Ima Gas Project showcases a massive win for indigenous capacity and local financing within Nigeria’s energy corridor:

Indigenous Leadership: Nigerian independent firm AMNI International holds the majority interest in the asset, developing it alongside partner TotalEnergies.

Local Funding: Nigerian financial institutions secured 77 per cent of the project’s total financing.

Job Creation: Approximately 60 per cent of the project’s operational workforce will be hired directly from local host communities in Rivers State, including Bonny, Finima, and Andoni.

At peak operations, the project is expected to pump 300 million standard cubic feet of gas per day, injecting crucial feedstock into domestic industries, fertiliser plants, and power grids while boosting LNG export revenues.

Reforms Driving Results

The breakthrough follows a series of 2024 Presidential Directives engineered by the Special Adviser to the President on Energy, Ms. Olu Arowolo Verheijen. The policy interventions aimed to shorten contracting timelines, slash costs, and fix fiscal gaps left unaddressed by the Petroleum Industry Act (PIA) of 2021.

“The story of Ima is ultimately the story of what our reforms are designed to achieve,” Verheijen noted, stressing that capital investment, local banking support, and local labor are what finally turn decades-old discoveries into tangible wealth.

Reacting to the development, President Tinubu reiterated his administration’s focus on converting natural wealth into functional economic fuel.

“For more than fifty years, the gas beneath Ima remained a resource with enormous potential, but potential alone does not create jobs,” President Tinubu said. “Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity.”