Mozambique: Foreign direct investment rises nearly 70% in nine months

Foreign Direct Investment (FDI) in Mozambique increased by 69.7% in 2025, up to September, reaching US$4.724 billion (€4.111 billion), continuing to be driven by Major Projects (Grandes Projectos) and by the extractive industry, according to official data. “The extractive industry maintained its position as the largest recipient of investment flows, with a total of US$4.417 billion (€3.845 billion),” reads the latest balance of payments report from the Bank of Mozambique, consulted today by Lusa. Within this sector, the oil and gas segment alone absorbed US$3.578 billion (€3.115 billion) in the first nine months of 2025, while coal extraction grew by 14.6% year-on-year to US$625 million (€545 million).

The total FDI attracted by Mozambique from January to September 2025 compares with US$2.784 billion (€2.424 billion) for the same period in 2024, with Major Projects leading (83.7%), as in previous quarters. Among the main countries of origin for FDI flows into Mozambique are the Netherlands, accounting for 40.8% of the total, followed by Italy (22%), Mauritius (16.9%), and South Africa (14.1%). Mozambique forecasts a record FDI inflow of US$5.88 billion (€5.12 billion) in 2026, a 22.6% increase, driven by natural gas projects.

This growth will be “influenced by the implementation of structural projects in the Rovuma Basin” for liquefied natural gas (LNG) production, according to supporting documents for the 2026 Social and Economic Plan and State Budget (PESOE). Mozambique has three approved megaprojects for the development of LNG reserves in the Rovuma Basin, ranked among the largest in the world, off the coast of Cabo Delgado. One of these projects is led by TotalEnergies, and another by ExxonMobil (18 mtpa), with an estimated investment of US$30 billion (€26.1 billion), currently awaiting a final investment decision, both located in Afungi. Additionally, the Italian company Eni has been producing approximately seven mtpa since 2022 from the floating platform Coral Sul, which is set to be doubled from 2028 with the Coral Norte platform, in an investment of US$7.2 billion (€6.2 billion).