Nigeria Secures $800m Investment Decision for Ima Gas Development Project

Nigeria's Ima Gas Development Project has reached its Final Investment Decision (FID) milestone, securing $800 million in funding. The project, developed by TotalEnergies EP Nigeria and AMNI International Petroleum Development Company Limited, will supply about one-third of the feedstock required for Nigeria LNG's Train 7.

The FID was signed in Abuja yesterday, marking a major achievement for the Nigerian gas industry. President Bola Tinubu described the project as a demonstration of what a competitive, predictable, and enabling investment environment can achieve. He noted that the government's responsibility is to create conditions that convert natural resources into productive investments.

The Ima Gas Development Project will produce approximately 300 million standard cubic feet of gas per day at peak. It will be connected to the existing Bonny Non-Associated Gas Plant on Bonny Island through an 18-inch, 23-kilometre multiphase pipeline. First gas is targeted for December 2028.

The project's success has been attributed to improvements in Nigeria's investment climate and the partnership between TotalEnergies and AMNI. Zenith Bank Executive Director Akin Ogunranti congratulated the partners, noting that Nigerian banks financed 77% of the project. This represents a significant milestone for local financing capacity.