Maputo, Sept. 7, 2026 (Lusa) - Foreign direct investment (FDI) in Mozambique fell by 21% year-on-year in the first quarter to $1.286 billion (€1.091 billion), with activity heavily concentrated in the gas and mining sectors, according to official data.
This figure compares with the $1.626 billion (€1.38 billion) in FDI attracted during the same period in 2025, according to a statistical report from the Bank of Mozambique.
Despite the reduction, the structure of foreign investment remained virtually unchanged, continuing to be dominated by natural-resource-linked mega-projects.
The extractive industries, including coal, oil, natural gas and minerals, attracted $1.209 billion (€1.048 billion) in the first quarter, accounting for around 94% of all FDI received by the country from January to March 2026.
The dominance of the extractive industry continues the trend observed in 2025, when FDI grew by 60.2% to a record $5.693 billion (€4.829 billion) for the whole year, driven mainly by natural gas projects in the Rovuma Basin, in Cabo Delgado.
At the time, the central bank explained that «the upward trend in FDI in Major Projects (MPs), observed in recent years, is essentially due to the increased inflow of capital associated with projects in the oil and gas industry, with a focus on hydrocarbon exploration and research activities in the Rovuma Basin, as well as the revitalisation of the coal and heavy sands industries».
Data for the first quarter of this year also indicates that the majority of investment entered the country as supplies and trade credits. The ‘Other Capital (Supplies and Trade Credits)' category totalled $702.7 million (€609 million), accounting for more than half of the FDI recorded during the period.
Inflows via shares and equity stakes reached $583.3 million (€506 million), of which $383.9 million (€333 million) was linked to major projects.
Outside the extractive industry, the largest investment flows were recorded in the wholesale and retail trade sectors, at $17.7 million (€15.3 million), in the production and distribution of electricity, gas and water, at $17.6 million (€15.3 million), and in agriculture, livestock production, hunting and forestry, at $17.4 million (€15.1 million).
Meanwhile, the manufacturing sector recorded a balance of negative $11.7 million (€10.1 million), indicating net capital outflows during the period.
Throughout 2025, the extractive industry remained the main recipient of FDI, attracting $5.211 billion (€4.421 billion), equivalent to 91.5% of all foreign investment received by Mozambique and 68.2% more than in 2024.
Mozambique forecasts a new FDI record for 2026, at $5.880 billion (€4.988 billion), driven by liquefied natural gas (LNG) projects in the Rovuma Basin, according to the supporting documents for the Economic and Social Plan and State Budget (PESOE).
The expected growth is likely to be driven by the implementation of major infrastructure projects linked to natural gas exploration in Cabo Delgado, where some of the world's largest gas reserves discovered in recent decades are concentrated.
PVJ/ADB // ADB.
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