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 industrialisation, job creation and economic growth.

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

Located offshore in OMLs 112 and 117, the Ima gas resource was discovered in 1973 but remained undeveloped for more than five decades. The FID announced on September 23 marks the fourth major gas project to reach FID under Tinubu, following Iseni, Ubeta and HI.

Tinubu said the project demonstrated the impact of creating a competitive and predictable investment environment, adding that his administration would continue efforts to unlock gas resources to power industries, expand exports and create jobs.

Special Adviser to the President on Energy, Olu Verheijen, said the project reflected the government’s efforts to improve the commercial conditions needed to develop previously stranded resources.

AMNI holds a majority stake in the project, while Nigerian financial institutions have arranged 77 per cent of its financing. About 60 per cent of the workforce is expected to come from host communities in Rivers State.

Tinubu said the administration’s gas strategy was aimed at supporting LNG exports, industrial feedstock, fertiliser and petrochemical production, power generation and opportunities for Nigerian businesses.