Mauritania starts 2026 with significantly improved conditions. Gas exports, investments in uranium and green hydrogen, and international cooperation are creating new momentum. At the same time, structural risks such as social inequality and heavy dependence on raw materials remain.
New impetus from the GTA gas project
After delays in gas production and weaker gold production slowed growth in 2024, the full commissioning of the GTA (Greater Tortue Ahmeyim) gas project is providing new momentum. The project, developed jointly with Senegal, is led by BP and Kosmos Energy. The first phase started in early 2025.
With an annual capacity of around 2.5 million tonnes of liquefied natural gas, the project marks an economic turning point. The gas produced is used both for the national electricity supply and for export; the first deliveries took place in April 2025.
Entry into uranium and green hydrogen
At the same time, the country is pushing ahead with its entry into the uranium sector. Australian company Aura Energy is developing a large-scale project in the Tiris Zemmour region. Following approvals in summer 2024, the final investment decision is still pending. The planned initial budget is around 230 million US dollars.
In addition, several international companies are preparing investments in green hydrogen; corresponding decisions are expected in the course of 2026. This positions Mauritania as a potential player in the energy transition.
Mining remains significant overall: gold accounts for around 39 per cent of exports, iron ore for around 28 per cent. High world market prices provide additional support for production.
Service sector and risks in fisheries
In addition to raw materials, the service sector plays a key role. In 2024, it contributed around 48 per cent to gross domestic product and benefited from investments in telecommunications and infrastructure. Moderate prices for oil and food – key import goods – ease the pressure on the trade balance and strengthen private consumption, which accounts for more than half of economic output.
The fishing industry, on the other hand, is losing momentum. After a record catch of 1.5 million tonnes in 2024 and exports of over 1 million tonnes, production is normalising. Given that it accounts for almost 10 per cent of GDP, 23 per cent of exports and over 50,000 jobs, potential overfishing poses significant social risks.
Budget consolidation and international financing
The budgetary situation is improving thanks to additional gas revenues, the introduction of a carbon tax and stricter tax collection. This course is supported by programmes from the International Monetary Fund. Since 2023, Mauritania has been using three IMF instruments – the Extended Fund Facility, the Extended Credit Facility and the Resilience & Sustainability Facility – with a total volume of around 345 million US dollars, of which around 150 million US dollars have already been disbursed.
The current account balance is also improving. Gas exports and declining imports, particularly of capital goods, as well as lower oil and food prices are reducing the deficit. At the same time, the services deficit remains high, as extensive investments in raw materials are import-intensive. Financing is provided mainly through foreign direct investment and loans from bilateral and multilateral partners. Around 60 per cent of foreign debt is owed to multilateral creditors.
Political stability and strategic partnerships
Politically, the country appears stable. President Mohamed Ould Ghazouani was confirmed for a second and final term in June 2024; his party, El Insaf, has held a parliamentary majority since 2023. Despite social tensions and structural challenges, the security situation is considered relatively robust.
Internationally, Mauritania relies on close partnerships. Cooperation with Senegal as part of the GTA project, investments from Saudi Arabia and the United Arab Emirates in energy projects, and increased support from the European Union through the Global Gateway Initiative shape the country’s foreign trade orientation. The United States is also signalling growing interest in trade preferences and investments.
This opens up new opportunities for exporters and investors, particularly in the areas of energy, infrastructure and services – while risks remain due to dependence on raw materials and limited diversification.
Source: ExportManager (in German)
