President Bola Tinubu has announced significant progress in Nigeria’s oil and gas sector, attributing recent developments to strategic reforms to boost investment and resource utilisation. Since taking office, he has issued numerous directives to make investment more competitive, reduce project development costs and timelines, and enhance certainty for investors, thereby increasing the value derived from Nigeria’s natural resources.

A key reform facilitated specific incentives to unlock longstanding onshore and shallow-water gas projects. One such project is the Ima Gas Field, discovered in 1973 and left undeveloped for over fifty years. Recently, AMNI International and TotalEnergies committed $800 million to develop the field, marking a major milestone.

The project is expected to generate approximately 350 million cubic feet of gas daily at peak, supplying about one-third of the gas needed for Nigeria LNG expansion. It promises to create jobs for Nigerian engineers, technicians, and contractors, support local businesses, and generate additional export earnings.

Regarding local benefits, Nigerian company AMNI holds the majority interest, with about 60% of the development workforce anticipated to come from host communities.

President Tinubu emphasised that these reforms aim to transform Nigeria’s natural resource potential into tangible outcomes such as employment, income, and economic opportunities, with more projects to be unlocked in the near future.

ASA