"The Government of Mozambique is planning to create a sovereign fund to manage the incomes of future gas production," said Mozambican President Filipe Nyusi in a speech delivered on 27 March 2019 in Maputo, adding that "the State will also allocate a fixed portion of the gas revenues in the State budget to finance infrastructure development, poverty reduction and economic diversification ".
Natural gas reserves, discovered in recent years in the Rovuma basin, have been estimated at 180 billion cubic feet, equivalent to all of Nigeria's natural gas reserves. They could catapulting Mozambique to the third largest liquefied natural gas exporter in the world, after Qatar and Australia, once production has reached its peak.
The Mozambican Government is putting on these important discoveries of natural gas to transform the economy of this southern African country that remains one of the poorest in the world. In this context, the South African Bank Standard Bank expects the size of Mozambique's economy to be multiplied by 9 by 2035.