Foreign Direct Investment (FDI) in Mozambique increased by 69.7% in the first nine months of last year, reaching $4.7 billion, continuing to be driven by Major Projects (MP) and the extractive industry.
According to the balance of payments report from the Bank of Mozambique (BdM), the extractive industry maintained its position as the largest recipient of investment flows, with a total of $4.4 billion.
“Within this industry, the oil and gas sector alone absorbed a total of $3.5 billion over nine months, while coal mining grew 14.6%, also year-on-year, to $625 million,” the central bank reported.
According to the document, among the main countries of origin for FDI flows into Mozambique, the Netherlands stands out, accounting for 40.8% of the total, followed by Italy (22%), Mauritius (16.9%), and South Africa (14.1%).
For this year, the government forecasts a record level of Foreign Direct Investment, with figures reaching $5.8 billion, an increase of 22.6%, driven by liquefied natural gas (LNG) projects. The decision is included in the draft Economic and Social Plan and State Budget (PESOE 2026).
“This growth will be driven by the implementation of major infrastructure projects in the Rovuma Basin, in Cabo Delgado Province, in northern Mozambique,” the document states.
Mozambique has three approved development projects for the exploitation of natural gas reserves in the Rovuma Basin—ranked among the largest in the world—off the coast of Cabo Delgado.
Eni’s Coral Sul project is the only one currently in operation, having been in operation since 2022. Last October, an investment in a second floating production platform, named Coral Norte, was approved, representing a $7.2 billion investment. Starting in 2028, this will enable production to double to 7 million metric tons per year (mtpa) of liquefied natural gas.
After a four-year suspension due to terrorist attacks in Cabo Delgado, the $20 billion Mozambique LNG (Area 1) project, operated by TotalEnergies, officially resumed last January and is projected to reach up to 13 mtpa starting in 2029, followed by the $30 billion Rovuma LNG (Area 4) project, operated by ExxonMobil, with 18 mtpa expected after 2030, and for which a final investment decision is expected this year.
