Maputo, June 30, 2026 (Lusa) - Standard Bank forecasts that natural gas could boost Mozambique’s economy by $11 billion a year, create tens of thousands of jobs and generate $4 billion in tax revenue.

“Tax revenues will play a key role in reducing sovereign debt and bolstering public investment, whilst driving economic growth,” said Bernardo Aparício, Standard Bank’s managing director in Mozambique, in a note sent to the financial news agency Bloomberg, in which he estimates annual economic growth of €9.6 billion and tax revenues of €3.5 billion.

The Rovuma liquefied natural gas project, proposed by oil company Exxon Mobil and scheduled to begin production in 2030, will boost economic growth to 4.1% and add $81 billion, around €70 billion, to Mozambique’s sovereign wealth fund by 2056, the financial institution stated in a report prepared in partnership with the consultancy firm Conningarth Economists.

The project could increase household income by 21% as this southern African country moves towards becoming the world’s fourth-largest gas supplier, according to the report cited by Bloomberg.

The Rovuma project requires an estimated investment of around $30 billion (€26.2 billion) and is located near TotalEnergies’ $20 billion (€17.5 billion) project, which paused operations in 2021 due to security challenges linked to Islamic State but has recently restarted.

In addition, Italy’s Eni has also announced plans to build a floating liquefied natural gas (LNG) production facility worth US$7.2 billion (€6.3 billion).

This Portuguese-speaking African country, the fifth-poorest in the world, is addressing budgetary challenges and a debt-sustainability issue, having suspended a financial adjustment programme with the International Monetary Fund (IMF) in the wake of post-election violence in late 2024, which had a significant impact on economic growth.

MBA/ADB // ADB.

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