Foreign direct investment (FDI) in Mozambique grew by 44.7% in the first nine months of 2024, reaching $2.79 billion (€2.66 billion), according to data from the Bank of Mozambique. This is up from $1.93 billion (€1.83 billion) in the same period last year.
The increase is mainly due to a 40.9% rise in investment in large-scale projects, particularly in the extractive industry. Capital inflows into this sector rose by 39.5%, making up 69.6% of total foreign investment during the period.
South Africa was the largest investor, accounting for nearly 28% of FDI, or $778 million (€740.5 million). Mauritius followed with 26.4% at $735.5 million (€700 million), while the Netherlands contributed 26% with $725 million (€690 million).
The extractive industry attracted the most foreign capital, receiving $2.45 billion (€2.33 billion) in the first nine months of the year. Oil and gas made up 75.4% of this total, growing by 58.6% year-on-year to $1.71 billion (€1.62 billion). The coal mining subsector also increased by 11.2%, reaching $545.3 million (€519 million) by September.
FDI in Mozambique had already increased by 2% in 2023, surpassing $2.51 billion (€2.39 billion), following $2.46 billion (€2.34 billion) in 2022. However, it remains below the 2021 peak of $5.1 billion (€4.86 billion), driven by natural gas projects.
The natural gas sector, under large projects, secured $2.09 billion (€1.99 billion) in equity investments in 2023, exceeding government forecasts of $1.43 billion (€1.36 billion).
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