The Bank of Mozambique reports a 41.6% increase in Foreign Direct Investment (FDI) compared to 2023, reaching 16.1% of the Gross Domestic Product (GDP), which is nearly $3.553 billion (€3.074 billion).
The extractive industry remains the top recipient of investment flows, with $3.098 billion (€2.668 billion) in 2024, accounting for 87.2% of the total FDI and showing a 37% annual increase.
The manufacturing industry secured $134.8 million (€116.5 million), representing 3.8% of the total FDI, marking a 100% increase from 2023, while the electricity sector received $96.9 million (€83.7 million), equivalent to 2.7% of the total FDI, also growing by over 100% compared to the previous year.
The central bank’s report also acknowledges the “increase in capital inflows associated with oil and gas industry projects” in recent years in Mozambique, particularly in the so-called Major Projects, focusing on hydrocarbon exploration and research activities in the Rovuma basin, alongside the revitalization of the coal and heavy sands industries.
Eni’s CEO, Claudio Descalzi, announced on June 11 in Maputo that the second floating platform, Coral Norte, for Liquefied Natural Gas (LNG) production in the Rovuma basin has become a reality following the project’s approval by the government.
“Coral Norte is the future, and the President (…) brought very interesting and important news because we have obtained authorization for the development plan, with all terms agreed. This means that Coral Norte is a real thing now,” Claudio Descalzi stated after meeting with Mozambican President Daniel Chapo.
Mozambique has approved three major development projects for LNG reserves in the Rovuma basin, considered among the largest in the world off the coast of Cabo Delgado, including one by TotalEnergies, currently suspended due to security issues, and another by ExxonMobil, awaiting a final investment decision, both located on the Afungi peninsula.
The only ongoing production, since mid-2022, is operated by Eni, the concessionaire of Rovuma Area 4, which has now moved forward with a second floating platform, a replica of the first (Coral Sul) named Coral Norte, to boost gas extraction.
The Mozambican government approved an investment of €6.6 billion for the Coral Norte LNG project on April 8, with an expected production of 3.5 million tonnes per annum (mtpa) starting in 2028.
“The plan constitutes the second phase of development of the Coral Norte field, FLNG, and involves a floating liquefied natural gas infrastructure with a capacity of 3.55 million tonnes per year and six production wells, valued at about $7.2 billion, with the start of production anticipated in the second quarter of 2028,” announced the Council of Ministers’ spokesperson, Inocêncio Impissa, on that date.
“The project will also create 1,400 jobs for Mozambicans, with a succession plan aimed at increasing the qualification and availability of the Mozambican workforce in the oil and gas sector,” he added.
The country also anticipates generating $23 billion (€20.1 billion) over 30 years from the Coral Norte project, the second platform by Eni for LNG production in the Rovuma basin, according to the government.
