$800m Ima gas project FID proof of Tinubu’s reforms – Stakeholders
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$800m Ima gas project FID proof of Tinubu’s reforms – Stakeholders
By Alabidun Shuaib AbdulRahman
The Tinubu Stakeholders Forum has described the Final Investment Decision on the $800m Ima Gas Project as evidence of President Bola Tinubu’s reforms in the oil and gas sector.
The forum, in a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, said the decision was significant because the gas resource was discovered in 1973 but had remained undeveloped for more than five decades.
It said the Ima project was the fourth major gas project to reach FID under the Tinubu administration, following the Iseni, Ubeta and HI projects.
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According to the group, the projects indicate growing investor confidence in Nigeria’s gas industry and the movement of previously stranded resources into commercially viable ventures.
“These developments demonstrate that Nigeria’s gas resources are increasingly moving from stranded assets to bankable projects capable of attracting capital, creating jobs and supporting industrial growth,” the statement said.
The forum said the Ima Gas Project, being developed by AMNI International in partnership with TotalEnergies, was expected to produce about 300 million standard cubic feet of gas per day at peak.
It attributed the investment decisions to reforms aimed at improving fiscal competitiveness, reducing project costs and streamlining contracting and approval processes.
The group also cited Tinubu’s new deep-offshore investment framework, which it said was designed to replace project-by-project negotiations with a transparent, rules-based system capable of unlocking up to $50bn in new investments.
TSF said increased gas production would have implications beyond the petroleum sector, noting that additional gas supply could support power generation, fertiliser and petrochemical production, LNG exports and other energy-intensive industries.
It added that the emerging investment cycle would create opportunities for Nigerian banks, contractors, engineers, service companies and workers.
“The significance of these developments is that Nigeria is beginning to convert resources that remained dormant for decades into actual investment, production, jobs and economic value,” the forum said.
TSF urged investors and Nigerian businesses to take advantage of emerging opportunities across the gas and wider energy value chain.
It said sustained investment in the sector would strengthen energy security, expand domestic industrial capacity, increase government revenue and support economic growth.
The forum maintained that rebuilding Nigeria’s oil and gas industry required more than increasing production targets, stressing the need for a competitive investment environment, predictable fiscal terms and efficient regulation.
It said the four gas FIDs and the new deep-offshore framework demonstrated that Nigeria’s petroleum sector was undergoing structural reforms aimed at positioning the country’s resources as drivers of investment and industrial development.
