Four major gas deals signal revival of Nigeria’s energy sector, says TSF

A political support group, the Tinubu Stakeholders Forum (TSF), has praised recent investment decisions in Nigeria’s energy industry, claiming that structural reforms under President Bola Tinubu are reviving a sector that had previously faced decades of stagnation.

In a joint statement issued by Chairman Ahmad Sajoh and Secretary Danjuma Sada, the group highlighted the Final Investment Decision (FID) reached on the $800 million Ima Gas Project, being developed by AMNI International in partnership with France’s TotalEnergies.

The forum noted that the Ima gas field, originally discovered in 1973, had remained undeveloped for over 50 years until recent fiscal and regulatory adjustments made the project commercially viable. At peak production, the field is expected to yield approximately 300 million standard cubic feet of gas per day.

The Ima development marks the fourth major gas project to reach FID under the current administration, joining the Iseni, Ubeta, and HI gas projects.

Key points highlighted in the statement include:

• Unlocking Stranded Assets: The TSF stated that streamlined approval processes, fiscal incentives, and reduced project costs are converting long-dormant gas reserves into bankable commercial ventures.
• Deep-Offshore Framework: The statement pointed to a new deep-offshore investment framework aimed at replacing custom project-by-project negotiations with a standardized, rules-based system designed to attract up to $50 billion in foreign direct investment.
• Broader Economic Impact: Increased domestic gas production is projected to bolster power generation, fertilizer and petrochemical manufacturing, and liquefied natural gas (LNG) exports, while generating downstream opportunities for Nigerian banks, engineering firms, and local contractors.

The forum concluded that establishing a predictable fiscal environment and competitive regulatory terms will remain essential for driving sustained capital inflow, strengthening national energy security, and supporting broader industrialization across the country.