Tinubu Welcomes $800M Final Investment Decision for Ima Gas Project, a 50-Year Discovery Brought to Development

# What happened President Bola Ahmed Tinubu welcomed the Final Investment Decision (FID) on the Ima Gas Project, an $800 million development expected to produce about 300 million standard cubic feet of gas per day at peak production. The development was announced on September 23, 2026.

# Why it matters The Ima resource was discovered in 1973 but remained undeveloped for more than 50 years. Moving the discovery to an FID converts a long-idle offshore asset into a project that could supply gas for export and local industry, create jobs, and mobilize local finance and workforce participation.

# Who is behind the project AMNI International, a Nigerian independent energy company, is the majority holder and developer in partnership with TotalEnergies. The project sits on Oil Mining Leases 112 and 117 offshore Nigeria.

# Funding and local participation

# Policy context

# Official statements President Tinubu framed the FID as evidence that policy changes can convert natural resources into productive investments and economic opportunities. The President emphasized that potential alone does not create jobs or improve living standards and credited a competitive and predictable environment for enabling investment decisions.

Energy, Olu Verheijen, described the project as an example of converting a long-standing discovery into a productive asset through capital investment and financing. She pointed out that the 1973 discovery could only contribute to development once financing and investment were in place and the gas was put to productive use.

# How the gas may be used The government's broader gas strategy includes expanding liquefied natural gas exports, supplying feedstock to local industries, supporting fertilizer and petrochemical production, and improving power supply. The Ima project is expected to feed into those objectives as a domestic gas source and as a potential feedstock for Nigeria LNG Limited.

# Practical implications to watch

• Project finance: With 77% local financing, the project tests Nigerian banks' capacity to support major energy infrastructure.
• Jobs and local sourcing: The plan for about 60% local workforce offers immediate employment opportunities for nearby communities, but the implementation timeline and local content execution will determine outcomes.

# Bottom line Nigerian developer and with heavy local financing and workforce plans. It aligns with recent policy measures intended to make Nigeria more attractive for gas investment and adds another major gas FID to the administration's record.