The $800m Final Investment Decision (FID) on the Ima Gas Project (IGP) has been warmly welcomed as a major milestone in efforts to unlock Nigeria’s gas resources for industrialisation, job creation and economic growth.

President Bola Tinubu applauded the development, according to the Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement in Abuja, on Wednesday.

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The statement has it that the project, developed by Nigerian independent exploration and production company, AMNI International, in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak.

It added that the Ima gas resource, located offshore in Oil Mining Leases 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades.

The FID, announced on Wednesday, is expected to pave the way for the development of the resource, which has the potential to provide feedgas for the Nigeria LNG Limited.

According to the statement, Tinubu said the development demonstrated the impact of creating a predictable and competitive environment for investors.

He stated, “For more than fifty years, the gas beneath Ima remained a resource with enormous potential, but potential alone does not create jobs, finance businesses or improve the lives of our people.

“Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities.”

The President added, “The Final Investment Decision on Ima demonstrates what is possible when we provide investors with a competitive, predictable and enabling environment.

“We are determined to unlock more of Nigeria’s gas resources to power our industries, expand our exports, create jobs and build lasting prosperity for our people.”

The President said that for decades, Nigeria has had one of Africa’s largest gas resource bases, although significant volumes have remained undeveloped.

He added that this administration’s gas strategy is focused not only on increasing gas production but also on putting the resource to productive use by supporting LNG exports and foreign exchange earnings, providing feedstock for industries, enabling fertiliser and petrochemical production, improving power supply and creating opportunities for Nigerian businesses and workers.

“Natural resources have value only when they are converted into opportunities for our people.

“Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity,” the President said.

Nigeria’s foreign exchange reserves have climbed above $55 billion, while non-oil exports have reportedly overtaken crude oil exports for the first time, signalling a shift in the country’s foreign exchange earnings.

The development comes amid increased domestic refining, efforts to improve dollar liquidity and renewed moves by the Federal Government and the Central Bank of Nigeria (CBN) to strengthen economic coordination.

The changing export pattern is a key development for an economy that has depended heavily on crude oil for export earnings and government revenue.

For decades, crude oil dominated Nigeria’s export earnings.

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However, rising exports of refined petroleum products, natural gas, urea and other non-crude commodities are reshaping the country’s trade profile.

Data from the National Bureau of Statistics (NBS) showed that non-crude exports stood at N14.11 trillion in the second quarter of 2026, surpassing crude oil exports valued at N12.91 trillion.

The figures point to the growing contribution of non-crude products to Nigeria’s export earnings, although petroleum-related products remain a major component of the increase.

The expansion of domestic refining capacity, particularly the Dangote Refinery, has strengthened Nigeria’s ability to process crude oil locally and potentially export refined products.

Previously, Nigeria exported crude oil while spending substantial foreign exchange on importing refined petroleum products. Increased domestic refining could help reduce import dependence and create additional export opportunities.

Despite the reported growth, questions remain about the sustainability of the trend and the extent to which agriculture, manufacturing and other non-oil sectors are contributing to the expansion.

Meanwhile, the rise in foreign reserves to more than $55 billion provides the CBN with additional foreign exchange buffers to meet international obligations and respond to pressures in the currency market.

The improvement comes as the government intensifies efforts to attract investment, strengthen external liquidity and improve confidence in the Nigerian economy.

The Federal Government and the CBN have also moved to improve coordination between fiscal and monetary policies through a memorandum of understanding signed on September 18.

The agreement is designed to promote closer cooperation on inflation, economic growth, government financing, liquidity management and foreign exchange conditions.

The authorities are also seeking to improve economic data sharing and strengthen policies aimed at addressing rising production, food, energy and logistics costs.

While stronger reserves and higher exports could improve Nigeria’s external position, sustaining the gains will require continued growth in production, export diversification and measures that support businesses operating in the non-oil economy.

Ingentia Energies Limited has said it is targeting an expansion of its drilling operations after increasing its oil production by 150 per cent under the leadership of Engr Charles Odita as the company’s acting Chief Executive Officer.

This was disclosed in a statement signed by the Chairman of the Board, Chief Oseni Elamah, following a meeting in Lagos attended by Agbaroji and the outgoing CEO, Odita, after Victor Agbaroji assumed office as the company’s new Managing Director and CEO.

The board commended Odita for what it described as transformational leadership, noting that “production increased by 150 per cent during his tenure, from 2,200 barrels per day”.

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Elamah extended congratulations and appreciation to Odita, describing his tenure as transformational and characterised by strategic clarity, decisive execution and exceptional leadership.

Agbaroji, who succeeded Odita, expressed appreciation for the achievements recorded under his predecessor and pledged to build on the foundation already established.

He identified enhancing drilling operations, maximising the value of existing assets, improving cost competitiveness, expanding the company’s portfolio and unlocking greater value from its gas resources as key priorities for the next phase of growth.

“Our immediate focus is to strengthen the next phase of our drilling campaign by leveraging the seismic acquisition programme currently underway.

This will enable us to execute a more robust and efficient drilling programme while improving exploration outcomes and operational performance,” Agbaroji said.

He also stressed the importance of crude oil evacuation infrastructure to future production growth, saying the company would intensify efforts to advance its pipeline evacuation project.

Agbaroji reaffirmed management’s commitment to sustaining the momentum achieved under Odita, adding that the company would continue to benefit from the experience and institutional knowledge developed during his tenure.

The leadership transition is expected to consolidate Ingentia’s recent gains, expand production capacity, improve operational efficiency and strengthen its position as an indigenous energy company.