President Bola Tinubu says the Federal Government’s reforms in Nigeria’s oil and gas sector are beginning to attract major investments and unlock previously undeveloped resources.
Tinubu said this following the $800 million Final Investment Decision (FID) by AMNI International and TotalEnergies to develop the Ima Gas Field, which was discovered in 1973 but remained undeveloped for more than five decades.
The President said his administration had introduced a series of Presidential Directives and Executive Orders aimed at making investment in Nigeria more competitive, reducing the cost and time required to develop projects, and providing greater certainty for investors.
According to him, one of the reforms introduced specific incentives to unlock onshore and shallow-water gas projects that had remained undeveloped for years.
“Today, we are seeing the result,” Tinubu said.
The President said the development of the Ima Gas Field would create opportunities for Nigerian engineers, technicians, contractors and businesses, while generating jobs and economic activity in host communities.
He added that the project would also increase Nigeria’s export earnings.
AMNI International, a Nigerian company, holds the majority interest in the project, while about 60 percent of the development workforce is expected to be sourced from the host communities.
The Ima Gas Field is expected to produce approximately 350 million cubic feet of gas per day at peak production, with the gas projected to supply about one-third of the volume required for the expansion of Nigeria LNG.
Tinubu said the project demonstrated the objective of his administration’s reforms: moving Nigeria’s natural resources from potential to production and translating them into jobs, income and economic opportunities for Nigerians.
“We have more to unlock,” the President said.
