Standard Bank Highlights Economic Impact of Rovuma LNG Project in New Study

The report estimates the project could also create approximately 151,000 direct, indirect, and induced jobs and generate about USD 4 billion in annual fiscal revenues, underscoring its potential to significantly boost the country’s economy.

Conducted in partnership with consultancy firm Conningarth Economists, the study further projects an annual contribution of USD 9 billion to Mozambique’s balance of payments, alongside a 21% increase in average household income. The country’s real economic growth rate could rise from 3.3% to 4.1% per year, the report notes.

The analysis suggests that, by 2056, Mozambique’s Sovereign Wealth Fund could accumulate a real balance of up to USD 81 billion, providing a substantial financial buffer for future generations.

The updated study focuses on the Rovuma LNG project’s expanded production capacity of  18 million tonnes per annum (MTPA) once fully operational. It follows an earlier report published in March 2019, when the project’s capacity stood at 15.2 MTPA.

According to Standard Bank, the latest version incorporates updated data from ExxonMobil, reflecting the increased liquefaction capacity and the establishment of the Mozambique Sovereign Wealth Fund, which began operations in December 2025.

With an estimated investment of approximately USD 30 billion before production begins—currently expected in 2030—Rovuma LNG has been described as the largest commercial project in Africa’s history. The study evaluates the “Current Case” scenario over the period from 2025 to 2056, when the project’s concession contract is set to expire.

In addition to GDP growth, the project is expected to increase Mozambique’s Gross National Income by roughly USD 6 billion annually, while creating around 1,000 direct jobs during its operational phase.

Speaking at the launch, Standard Bank CEO Bernardo Aparício said the project could have a transformative impact on the economy. “The effect on GDP will be significant. Fiscal revenues will play a critical role in reducing sovereign debt and strengthening public investment, while also driving economic growth. Rovuma LNG offers a promising outlook for Mozambique’s future,” he said.

João Guirengane, Head of Corporate and Investment Banking at Standard Bank, highlighted the broader economic spillover effects: “The project is expected to generate an estimated operational contribution of USD 8 billion and create around 150,000 employment opportunities across the country.”

Standard Bank said the study reflects its continued commitment to supporting the development of Mozambique’s energy sector and long-term economic growth.