President Bola Ahmed Tinubu has said ongoing reforms in Nigeria’s oil and gas industry are beginning to stimulate new investments and bring long-delayed projects into development.
The President made the statement while announcing the $800 million Final Investment Decision (FID) reached by AMNI International and TotalEnergies for the development of the Ima Gas Field, a project discovered in 1973 that has remained undeveloped for more than 50 years.
Tinubu said his administration had introduced a number of Presidential Directives and Executive Orders aimed at improving the competitiveness of Nigeria’s oil and gas sector and making the country more attractive to investors.
According to him, the measures are intended to reduce the cost and time involved in developing oil and gas projects, improve investment certainty and increase the value generated from Nigeria’s natural resources.
He noted that some of the reforms specifically introduced incentives for the development of onshore and shallow-water gas projects that had remained inactive for several years.
The President described the $800 million commitment to the Ima Gas Field as a sign that the reforms were beginning to produce results.
“For Nigerians, this means work for our engineers, technicians and contractors. It means opportunities for Nigerian businesses, jobs and economic activity in our host communities, and more export earnings for our country,” Tinubu said.
Tinubu also highlighted the Nigerian ownership structure of the project, noting that AMNI International, a Nigerian company, holds the majority interest.
He added that approximately 60 per cent of the workforce for the development is expected to come from communities hosting the project.
At peak production, the Ima Gas Field is expected to produce around 350 million cubic feet of gas daily.
The President further said the project is projected to provide about one-third of the gas needed for the planned expansion of Nigeria LNG.
According to Tinubu, the development reflects his administration’s broader objective of converting Nigeria’s oil and gas potential into actual production while expanding employment opportunities, raising incomes and driving economic activity.
“We have more to unlock,” the President added.