Mozambique President Filipe Nyusi says his country plans to establish a sovereign fund to invest revenues derived from its large natural gas reserves.
President Nyusi revealed in a statement in Maputo that part of those oil resources will also be used to finance infrastructure projects, reduce poverty and diversify the economy.
The resources of the Rovuma natural gas reserves discovered recently are estimated to be 180 billion metric cubes, averaging Nigeria’s overall natural gas reserves.
Once the production reaches its peak, Mozambique could become the third-largest LNG exporter in the world behind Qatar and Australia.
The Southern African country is therefore betting on these LNG reserves to transform its economy, which is still ranked as one of the poorest in the world.
The Standard Bank estimates that the economy could grow nine folds by 2035.