Four Gas FIDs Signal Oil, Gas Industry Recovery Under Tinubu — TSF
Oru Leonard
The Tinubu Stakeholders Forum (TSF) has described the Final Investment Decision (FID) on the $800 million Ima Gas Project as further evidence that reforms by President Bola Ahmed Tinubu’s administration are reviving Nigeria’s oil and gas industry and restoring investor confidence.
In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the forum said 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 TSF, Ima represents the fourth major gas project to reach FID under the Tinubu administration, following the Iseni, Ubeta and HI projects.
The forum 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 approximately 300 million standard cubic feet of gas per day at peak production, the group said.
“These developments are the result of deliberate reforms aimed at improving fiscal competitiveness, reducing project costs, streamlining contracting and approval processes, and providing greater certainty for investors,” TSF said.
The group also highlighted the Federal Government’s new deep-offshore investment framework, which it said is designed to replace project-by-project negotiations with a more transparent and rules-based system.
According to the forum, the framework has the potential to unlock up to $50 billion in new investment in Nigeria’s deep-offshore oil and gas sector.
TSF said the emerging investment momentum could have significant implications beyond crude oil and gas production, noting that increased gas supply would support power generation, fertiliser and petrochemical production, LNG exports and other energy-intensive industries.
It added that the projects would create opportunities for Nigerian banks, contractors, engineers, oilfield service companies and workers across the energy value chain.
“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 Nigeria’s oil and gas industry requires 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 position themselves to benefit from emerging opportunities across the gas and wider energy value chain.
It said sustained investment in the sector would strengthen Nigeria’s energy security, expand domestic industrial capacity, increase government revenues and contribute to broader economic growth.
The group said the four gas FIDs, alongside the new deep-offshore investment framework, point to structural changes in Nigeria’s oil and gas industry, with the country’s petroleum resources increasingly being positioned as drivers of investment, industrialisation and economic development.
