$800 Million Ima Gas Project Shows My Reforms Are Paying Off – Tinubu

President Bola Tinubu has said the reforms initiated by his administration in Nigeria’s oil and gas sector are beginning to attract fresh investments, following the $800m final investment decision taken by AMNI International and TotalEnergies to develop the Ima Gas Field.

Naija News reports that Tinubu disclosed this in a statement on Wednesday, saying the project was evidence that measures introduced by his administration to make investment in the sector more attractive were beginning to yield results.

According to him, the Ima Gas Field, discovered in 1973, had remained undeveloped for more than fifty years.

Tinubu said his administration had, since assuming office, introduced a series of Presidential Directives and Executive Orders aimed at improving the investment climate in the oil and gas industry.

“The decisions we have taken to reposition Nigeria’s oil and gas sector are beginning to bear fruit.

“Since assuming office, I have signed a series of Presidential Directives and Executive Orders to make investment in Nigeria more competitive, reduce the cost and time required to develop projects, provide greater certainty to investors and ensure that our natural resources deliver greater value to our people.

“One of those reforms introduced specific incentives to unlock onshore and shallow-water gas projects that had remained undeveloped for years.

“Today, we are seeing the result,” he said.

The President noted that one of the reforms introduced incentives aimed specifically at encouraging the development of onshore and shallow-water gas projects that had remained dormant for years.

“AMNI International and TotalEnergies have taken an $800 million Final Investment Decision to develop the Ima Gas Field, discovered in 1973 and left underground for more than fifty years,” Tinubu disclosed.

President Tinubu said the project would create opportunities for Nigerian engineers, technicians, contractors and businesses, while generating employment and economic activity in host communities.

“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,” he said.

The President added that about 60 per cent of the workforce for the development was expected to come from the host communities.

The gas produced from Ima is also expected to play a significant role in Nigeria’s liquefied natural gas expansion plans.

Tinubu said the development reflected his administration’s broader objective of reforming the sector.

“Ima is expected to produce about 350 million cubic feet of gas every day at peak and supply about one-third of the gas required for the expansion of Nigeria LNG.

“This is what our reforms are intended to achieve, to move Nigeria’s resources from potential to production and translate them into jobs, incomes and opportunity for our people,” he said.

Tinubu reiterated that his reforms are intended to move Nigeria’s resources from potential to production and translate them into jobs, incomes and opportunities for the citizens.

The President concluded his statement by saying, “We have more to unlock.”