Natural Gas Exploration: Standard Bank Calls for Empowerment of SMEs

This appeal arises from the fact that there is a lack of participation of this segment of companies in the sustainable development process of the country, as well as in the provision of services and supply of goods to big projects.

It is in this sense that Chuma Nwokocha considers as priority to enable SMEs to access existing opportunities, not only in major projects, but also in regional, continental and global markets.

“Funding is the least relevant part right now. The most important thing is to help Mozambican companies, particularly small and medium-sized ones, acquire skills and knowledge, as this is the only way they will have to access the opportunities created by the Rovuma basin projects”, said Standard Bank’s managing director.

Chuma Nwokocha also defended the continued investment on agriculture, despite the enormous potential that the country has in the energy sector: “Agriculture contributes 24 percent to our Gross Domestic Product and is the largest employer of the Mozambican population. That means, it is a sector to be always taken into account. We cannot abandon it just because we discovered gas”.

Chuma Nwokocha was speaking at the opening of the fourth edition of the Financial Times Summit in Mozambique, which, in his opinion, appears to be an excellent platform to debate and exchange of experiences on the best solutions for the country’s future.

“Standard Bank has always invested in the future of Mozambique, where it has been in business for over 125 years. Thatis why it supports this summit from the very beginning. We are happy with the quality of the debates, which will certainly contribute to the sustainable and inclusive growth of the country”, he said.

The opening ceremony was led by the Minister of Economy and Finance, Adriano Maleiane, for whom the event serves as a showcase of the opportunities that the country has in various areas, since “from here it is easier to know that we exist and that Mozambique is a good country to invest in”.

“This summit is a platform that allows us to exchange information about our potential. Financial Times is a worldwide business publication, and it is always good to have such an event here. We have and do a lot of good things, but we have not had the ability to show it to the world, and people who do not know Mozambique at least will start getting information from here”, said Adriano Maleiane.

It should be noted that the fourth edition of this summit had as its theme “Building Resilience for Long-Term Growth”, given the need and relevance of the debate on reforms and solutions that can enable sustainable economic growth, turning current challenges into opportunities.

The focus of the presentations and discussions was on the diversification of the country’s economy and the introduction of reforms for its sustainable growth, as the country is preparing to receive large amounts of investment associated with gas exploration in the Rovuma basin, in Cabo Delgado.