Four Gas FIDs Prove Tinubu Reforms Are Reviving Oil, Gas Sector -TSF

The Tinubu Stakeholders Forum has said the Final Investment Decision on the 800 million dollar Ima Gas Project shows that President Bola Tinubu’s reforms are reviving Nigeria’s oil and gas industry.

In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the group said the gas resource was discovered in 1973 but remained undeveloped for more than five decades until now.

The Forum noted that Ima is the fourth major gas project to reach FID under the Tinubu administration after Iseni, Ubeta and HI projects.

It said the developments show that Nigeria’s gas resources are moving from stranded assets to bankable projects capable of attracting capital, creating jobs and supporting industrial growth.

The 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.

According to the Forum, the FIDs are results of deliberate reforms aimed at improving fiscal competitiveness, reducing project costs, streamlining contracting and approval processes and providing greater certainty for investors.

It also pointed to President Tinubu’s new deep offshore investment framework designed to replace project by project negotiations with a transparent rules based system and unlock up to 50 billion dollars in new investment.

The TSF said increased gas supply will 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 said rebuilding the oil and gas industry requires more than production targets, but a competitive investment environment, predictable fiscal terms, efficient regulation and policies that encourage long term capital.

The Forum urged investors and Nigerian businesses to take advantage of emerging opportunities across the gas and wider energy value chain, saying sustained investment will strengthen energy security, expand domestic industrial capacity, increase government revenues and support broader growth.

It added that the four gas FIDs and the new deep offshore framework provide clear evidence of structural reform in the sector with vast petroleum resources being positioned as engines of investment, industrialisation and economic development.

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