By Ikugbadi Oluwasegun
President Bola Tinubu has welcomed the 800-million-dollar Final Investment Decision, FID, on the Ima Gas Project, describing it as another major milestone in efforts to unlock Nigeria’s vast gas resources for investment, industrialisation, job creation and economic growth.
Bayo Onanuga, Special Adviser to the President, Information & Strategy, in a statement says the Ima Gas Project, developed by Nigerian Independent AMNI International in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak.
The Ima gas resource, located offshore in OMLs 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades.
President Tinubu says the Final Investment Decision demonstrates what is possible when investors are provided with a competitive, predictable and enabling environment, adding that his administration is determined to unlock more of Nigeria’s gas resources to power industries, expand exports and create jobs.
President Tinubu says the administration’s gas strategy is focused on putting Nigeria’s gas resources to productive use by supporting LNG exports, industry, fertiliser and petrochemical production, reliable power supply and opportunities for Nigerian businesses and workers.
He notes natural resources have value only when they are converted into opportunities for the people, stressing that the goal is to ensure Nigeria’s gas powers Nigerian prosperity The Ima Gas Project becomes the fourth major gas project to reach FID since President Tinubu assumed office, following the Iseni, Ubeta and HI projects.
The Special Adviser to the President on Energy, Ms Olu Arowolo Verheijen, says the Ima project demonstrates the impact of reforms aimed at creating the commercial and investment conditions required to develop Nigeria’s natural resources.
She adds that the project also reflects growing Nigerian participation in the energy value chain, with AMNI International holding a majority interest in the asset.
The statement says Nigerian financial institutions have arranged 77 percent of the project’s financing, while about 60 percent of the workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.
