The Tinubu Stakeholders Forum (TSF) has described the Final Investment Decision (FID) on the $800 million Ima Gas Project as evidence of renewed investment in Nigeria’s oil and gas industry under President Bola Ahmed Tinubu’s administration.
The forum said the development reflects the impact of the administration’s reforms aimed at improving the investment climate, unlocking the country’s vast gas resources and attracting capital into long-term energy projects.
In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, TSF noted that the Ima Gas Project was particularly significant because the gas resource was discovered in 1973 but remained undeveloped for more than five decades.
According to the forum, Ima is the fourth major gas project to reach FID under the Tinubu administration, following the Iseni, Ubeta and HI projects.
It said the developments indicate that Nigeria’s previously stranded gas resources are increasingly being converted into commercially viable 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 capacity.
TSF attributed the emerging investment momentum to reforms designed to improve fiscal competitiveness, reduce project costs, streamline contracting and approval processes, and provide greater certainty for investors.
The forum also highlighted President Tinubu’s new deep-offshore investment framework, which seeks to replace project-by-project negotiations with a transparent, rules-based system. The framework is expected to help unlock up to $50 billion in new investment.
Beyond oil and gas production, TSF said increased domestic gas supply could support power generation, fertiliser and petrochemical production, liquefied natural gas exports and other energy-intensive industries.
It added that new projects would create opportunities for Nigerian banks, contractors, engineers, service companies and workers, while contributing to government revenues and broader economic growth.
“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.
TSF maintained that rebuilding the oil and gas industry required more than setting higher production targets, stressing the importance of a competitive investment environment, predictable fiscal terms, efficient regulation and policies capable of attracting long-term capital.
The forum urged investors and Nigerian businesses to take advantage of emerging opportunities across the gas and wider energy value chain.
It said sustained investment in the sector could strengthen energy security, expand domestic industrial capacity, increase government revenues and support economic development.
The forum added that the four gas project FIDs, alongside the new deep-offshore investment framework, reflected ongoing structural changes in Nigeria’s oil and gas industry, with the country’s petroleum resources increasingly being positioned to drive investment, industrialisation and economic growth.
