President Bola Ahmed Tinubu says the Federal Government’s reforms in Nigeria’s oil and gas sector are beginning to attract major investments and unlock previously undeveloped resources.
Tinubu said this in a statement highlighting the impact of the Presidential Directives and Executive Orders introduced since he assumed office to make the country’s oil and gas industry more competitive.
According to the President, the reforms are aimed at reducing the cost and time required to develop projects, providing greater certainty for investors and ensuring that Nigeria derives more value from its natural resources.
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He said one of the reforms introduced specific incentives to encourage the development of onshore and shallow-water gas projects that had remained undeveloped for years.
Impacts of Reforms Now Evident
Tinubu said the impact of the reforms was now evident, with AMNI International and TotalEnergies taking an $800 million Final Investment Decision to develop the Ima Gas Field.
The gas field was discovered in 1973 but remained undeveloped for more than five decades.
The President said the project would create jobs and business opportunities for Nigerian engineers, technicians, contractors, and businesses, boost economic activity in host communities, and increase the country’s export earnings.
AMNI International, a Nigerian company, holds the majority interest in the project, while about 60 per cent of the development workforce is expected to come from the host communities.
According to Tinubu, the Ima Gas Field is expected to produce about 350 million cubic feet of gas per day at peak production.
He added that the gas would supply about one-third of the volume required to expand Nigeria LNG.
Tinubu said the development demonstrated the government’s objective of moving Nigeria’s natural resources from potential to production and converting them into jobs, incomes and opportunities for Nigerians.
He added that more opportunities remained to be unlocked in the country’s oil and gas sector.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.