A group, The Tinubu Stakeholders Forum (TSF) has described the Final Investment Decision (FID) on the $800 million Ima Gas Project as evidence of President Bola Ahmed Tinubu’s reforms in the oil and gas sector.
In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the group said the FID was significant because the gas resource was discovered in 1973 but remained undeveloped for more than five decades.
TSF noted that the Ima project was the fourth major gas project to reach FID under the Tinubu administration, following the Iseni, Ubeta and HI gas projects.
The forum said the developments indicated that Nigeria’s previously stranded gas resources were increasingly being converted into bankable projects capable of attracting investment, creating jobs and supporting industrial growth.
The Ima Gas Project, being developed by AMNI International in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak production.
According to TSF, the recent investment decisions were driven by reforms aimed at improving fiscal competitiveness, reducing project costs, streamlining contracting and approval processes, and providing greater certainty for investors.
The forum also highlighted 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 $50 billion in new investment.
TSF said increased gas supply could support power generation, fertiliser and petrochemical production, LNG exports and other energy-intensive industries, while creating 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.
It added that rebuilding the oil and gas industry required more than increased production targets, stressing the need for a competitive investment environment, predictable fiscal terms, efficient regulation and policies that would encourage long-term capital inflows.
The group urged investors and Nigerian businesses to take advantage of emerging opportunities across the gas and wider energy value chain, saying sustained investment would strengthen energy security, expand domestic industrial capacity, increase government revenue and support economic growth.
TSF said the four gas FIDs, alongside the new deep-offshore framework, showed that Nigeria’s oil and gas sector was undergoing structural reforms, with its petroleum resources increasingly positioned to drive investment, industrialization and economic development.
