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Gas boosts foreign investment in Mozambique to €30,074 million in 2024
2:57 CAT | 19 Jun 2025
File photo: Jornal Noticias
Foreign direct investment (FDI) in Mozambique reached €3,074 million in 2024, the highest value in three years, driven by gas projects, according to data from the central bank compiled by Lusa today.
According to a statistical report from the Bank of Mozambique, FDI in the country grew 41.6% compared to 2023, to the equivalent of 16.1% of gross domestic product (GDP), of almost US$3,553 million (€3,074 million).
The extractive industry, the report states, “maintained its position as the largest recipient of Investment flows”, with US$3,098 million (€2,668 million) in 2024, equivalent to 87.2% of total FDI and an increase of 37% in one year.
The manufacturing industry attracted US$134.8 million (€116.5 million), corresponding to 3.8% of total FDI, an increase of 100% compared to 2023, and the electricity sector received US$96.9 million (€83.7 million), equivalent to 2.7% of total FDI, also growing by more than 100% compared to the previous year.
The central bank report also recognizes the “increase in the inflow of capital associated with oil and gas industry projects” in recent years in Mozambique, related to the so-called ‘Major Projects’, “focusing on hydrocarbon exploration and research activities in the Rovuma basin, in addition to the revitalization of the coal and heavy sands industry”.
The CEO of the oil company Eni, Claudio Descalzi, said on June 11 in Maputo that a second floating liquefied natural gas (LNG) production platform in the Rovuma basin is now a reality, after the project – Coral Norte – was approved by the government. “Coral Norte is the future, and the President (…) brought very interesting and important news because we obtained authorization for the development plan, with all the terms agreed. This means that Coral Norte is a real thing now,” said Claudio Descalzi, after a
meeting with the Mozambican head of state.
Mozambique has three mega development projects approved for the exploitation of the LNG reserves in the Rovuma basin, classified as among the largest in the world, off the coast of Cabo Delgado, including one by TotalEnergies, still suspended due to safety concerns, and another by ExxonMobil, which is awaiting a final investment decision, both on the Afungi peninsula.
The only one in production since mid-2022 is that operated by Eni, the concessionaire for Area 4 of Rovuma, which has since moved on to the second floating platform mentioned above.
On April 8, the Mozambican government approved an investment of 6.6 billion euros for the Coral Norte LNG project, with an expected production of 3.5 million tonnes per year (mtpa) and start-up in 2028.
“The plan constitutes the second phase of development of the Coral Norte field, FLNG, and consists of a floating natural gas liquefaction infrastructure with a capacity of 3.55 million tonnes per year and six production wells, valued at around US$7.2 billion, with production expected to start in the second quarter of 2028,” announced at the time Inocêncio Impissa, the spokesperson for the Council of Ministers.
“The project will also generate 1,400 jobs for Mozambicans, with the implementation of a succession plan to increase the qualifications and availability of Mozambican workers in the oil and gas sector,” he added.
According to the government, the country expects to receive income of US$23 billion (€20.1 billion) from the Coral Norte project over 30 years.
Source: Lusa
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