The Rwandan government has set a target of about $2.2 billion in annual mineral exports by 2029, up from $1.1 billion generated in 2023.

This is was said by Prime Minister Edouard Ngirente as he presented the five-year National Strategy for Transformation (NST2) to Parliament on Monday, September 9.

Under the just-concluded NST1, a development strategy set in 2017, the government had targeted up to $1.5 billion in annual mineral expert revenues. Data for 2024 are not yet available.

ALSO READ: Rwanda's mineral exports rake in record high $1bn in 2023

The second phase of the national development strategy will build on the gains since 2017 in all sectors, Ngirente told lawmakers. The NST1 and NST2 are medium-term strategies for Rwanda's Vision 2050, which targets $12,476 GDP per capita by 2050.

The mining sector was the largest contributor to Rwanda's $3.5 billion generated by exports in 2023.

Ngirente said the government projects annual export revenues to more than double to $7.3 billion by 2029.

ALSO READ: Gold tops Rwanda mineral exports

Mineral export revenues will contribute to a projected reduction in the trade deficit, he said.

"This will be achieved through promoting professional mining that is eco-friendly," the Prime Minister said, adding that investment in local value addition and mineral processing will be encouraged.

"With the aim to expand markets, the private sector will continue to be supported to meet standards on both domestic and international markets," he said.

The value of export in relation to imports is projected to reach 77 per cent by 2029, up from 61 per cent in 2023, Ngirente said.

"That growth [in export coverage of imports] will be achieved through increasing the value of exports, including manufactured products, flowers, fruits and vegetables," he observed.