The project provides a sustainable solution for growing crops without soil, addressing food insecurity, limited farmland, and environmental concerns linked to urbanisation and pollution.
Held on November 5 under the theme “ACT! Action for Climate Transformation,” the national competition brought together high school innovators from across Rwanda to present projects tackling climate and sustainability challenges.
The winning team will now represent Rwanda at the JA Africa regional finals in Abuja, Nigeria, competing for a chance to vie for the De La Vega Global Entrepreneurship Prize.
Emery Rubagenga, Chairperson of the Junior Achievement Rwanda Board, praised the students for their creativity and courage, noting that the competition is about learning and innovation, not just winning.
“To the winning team, I urge you to represent Rwanda with excellence at the continental finals,” he said.
Keynote speaker Diogene Kagango from the Rwanda TVET Board highlighted the importance of such programs in equipping students with practical skills and fostering a mindset ready for the future of work.
Team member Emma Response Hirwa said Agro Haven was born out of the need to produce food efficiently despite shrinking farmland.
“We wanted a system that could produce enough crops even when space is limited, while also reducing food waste and improving indoor air quality,” she explained.
The team received a $500 cash prize and the opportunity to showcase their innovation on the continental stage this December.
In a vote during Tesla’s annual general meeting, roughly 75% of shareholders backed the proposal. Both Elon Musk, who holds around 13% of Tesla’s shares, and his brother Kimbal Musk, a board member, participated in the vote that signals strong confidence in his leadership despite rising competition and market headwinds.
The board argued that retaining Musk’s leadership is critical to Tesla’s long-term success. Some large institutional investors, including Norway’s sovereign wealth fund and CalPERS (California Public Employees’ Retirement System), opposed the deal, citing its sheer size. Still, the majority of shareholders viewed the package as an incentive structure, not a handout.
{{The trillion-dollar challenge
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Unlike conventional executive salaries, Musk’s compensation will come entirely in the form of stock options, divided into 12 tranches that vest only if Tesla achieves a series of ambitious financial and operational milestones.
To unlock the full $1 trillion payout, the automotive and clean energy company must meet a series of ambitious performance milestones. The company’s market valuation must climb from its current level of about $1.54 trillion to an unprecedented $8.5 trillion, with stock option vesting beginning once it reaches $2 trillion.
Over the next decade, Tesla is also expected to deliver 20 million vehicles cumulatively, more than twice the company’s total production since its founding. In addition, Musk must lead the successful deployment of 1 million robotaxis and another 1 million humanoid robots, known as Optimus, into commercial operation.
The last condition requires Tesla to generate $400 billion in core profits over the period, one of the most ambitious profitability targets ever set for a publicly traded company.
If Tesla meets all conditions, Musk’s total stake in the company could rise to roughly 25%, further solidifying his control and making him the world’s first dollar trillionaire.
{{“A whole new book” for Tesla
}}
Celebrating the shareholder approval at Tesla’s headquarters in Austin, Musk described the decision as a turning point for the company.
“What we’re about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book,” Musk said, before taking to the stage with a short dance beside Tesla’s humanoid robots, to cheers from the audience.
{{Why the vote matters
}}
The $1 trillion plan underscores a vote of confidence in Musk’s ability to drive Tesla into its next phase of growth. Despite a recent 3.8% drop in Tesla’s stock price to $444.26 per share, investors remain optimistic.
Tesla’s long-term strategy hinges on more than selling cars. Musk’s roadmap includes scaling global energy storage, expanding solar infrastructure, and integrating advanced AI systems, all of which could dramatically raise Tesla’s valuation if successful.
Still, the path ahead is steep. Achieving an $8.5 trillion market capitalisation would require Tesla to grow more than fivefold, surpassing the current valuations of Apple, Microsoft, and Saudi Aramco combined.
This is not Musk’s first eye-popping pay plan. His 2018 compensation package, worth up to $56 billion, drew widespread scrutiny and legal challenges, though Musk ultimately met many of its targets by turning Tesla into the world’s most valuable automaker.
According to Thapelo Tsheole, Chief Executive Officer of the Capital Market Authority (CMA), the country is in the middle of a regulatory and structural overhaul aimed at positioning Rwanda as a credible, regional financial hub.
Speaking on The Long Form podcast, Tsheole opened up about his personal journey and explained how the Capital Market Authority of Rwanda is introducing new regulatory frameworks to unlock opportunities for both investors and companies.
{{Rising savings culture and Frw 60 billion in unit trusts}}
At the heart of Rwanda’s retail-investment growth is the rise of unit trusts, pooled vehicles that allow individuals to invest small amounts collectively.
The two main players, Rwanda National Investment Trust (RNIT) and BK Capital’s Unit Trust, have together amassed over Frw 60 billion in managed assets, growing by more than 30 percent in the past year alone.
Tsheole said unit trusts have helped ordinary Rwandans access the capital market more easily. He noted that such products are regulated and “a safe place to put money.” During the discussion, it was highlighted that unit trusts currently offer annual returns of around 10–12 percent.
{{From land to listed assets
}}
Tsheole emphasised the need for citizens and businesses to rethink where they place their money.
“Land is good,” he said, “but it’s illiquid. Selling it takes time, while government bonds or listed shares can be sold almost instantly.”
CMA’s outreach programmes, conducted in partnership with the Private Sector Federation, now target small and medium-sized enterprises to consider listing or issuing corporate bonds.
CMA runs a nationwide campaign to educate investors on portfolio diversification, moving from “saving to true wealth creation.”
{{Toward digital and regional integration
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Rwanda’s capital market, still in early stages compared to its East African peers, is preparing for automation. The Rwanda Stock Exchange has begun testing a new trading system that will allow faster, online transactions and remote participation, including from the Rwandan diaspora.
Tsheole said Rwanda’s capital market should have “long automated as a basic principle,” noting that digitisation is key to improving access, especially for investors in the diaspora.
At the same time, Rwanda is part of an African Development Bank–backed project to interlink regional exchanges, enabling investors in Nairobi, Kampala, or Kigali to trade across borders seamlessly.
{{A foundation for sustainable growth
}}
Since he assumed his role in June 2024, Tsheole has doubled CMA workforce, strengthened partnerships with institutions such as the Chartered Institute of Securities (UK), and initiated specialised training abroad for Rwandan staff. Two employees are currently on nine-month fellowships in the United States and France, while others are being trained locally through a new partnership with the Chartered Institute.
His vision, he said, is clear: “There’s no way Rwanda can sustain economic growth for a long time without a developed capital market. It is the cornerstone of every modern economy.”
{{From Mochudi to Kigali
}}
Raised in the rural village of Mochudi in south-eastern Botswana, Tsheole’s journey to leading one of Africa’s youngest capital-market regulators is rooted in humble beginnings and a deep belief in education as a tool for transformation.
“I come from a poor family. My parents were not in formal employment, and when you come from such humble beginnings, you always have an urge in yourself to succeed, to work hard,” he recalled.
“Education sort of worked for me… I was one of the students who got relatively very high marks, and the encouragement from teachers and the admiration from other students propelled me to keep on pushing.”
That persistence eventually led him into finance. After joining the Botswana Stock Exchange (BSE), he rose through the ranks to become Chief Executive Officer in 2016. Under his leadership, the exchange achieved record profitability, higher listings, and greater investor participation. In 2022, he also served as President of the African Securities Exchanges Association (ASEA).
Having reached the peak of his success in Botswana, Tsheole felt it was time for a new challenge. “I just felt the best dancer should know when to leave the floor,” he said. “I had always wanted to work outside the country to have that experience.”
When Rwanda approached him in 2023, he was drawn by what he called “the Rwanda story”, a nation rebuilding with discipline and vision.
“It’s such phenomenal work that has been done, and you can see a lot of growth potential. Yes, the market is relatively small compared to a lot of other African countries, but in terms of potential and growth, it’s there.”
{{Modernising the rulebook
}}
When he assumed office in Kigali, he found the capital market’s legal foundation “outdated and overtaken by events.” In response, CMA launched a comprehensive reform agenda that includes updates to the Capital Market Law, Central Securities Depository (CSD) Law, Collective Investment Schemes Regulations, and Virtual Assets Framework.
“You can’t grow the market without proper rules and regulations and laws,” Tsheole said, noting that Rwanda still needed to strengthen its regulatory foundation to support growth.
Among the most urgent priorities is the Virtual Assets Law, expected to be enacted before the end of the year. It will allow Rwanda to regulate cryptocurrencies and digital assets, helping the country avoid being “grey-listed” for financial-compliance risks.
As reforms take hold and more Rwandans invest through unit trusts and bonds, the capital market is steadily moving from the margins of finance to the centre of Rwanda’s growth strategy.
Developed and hosted by RSwitch, Rwanda’s national e-payments switch, eKash links banks, SACCOs, mobile money operators, and fintechs under a single interoperable system. The platform allows users to send, receive, and pay instantly, regardless of the bank or mobile wallet they use.
At its core, eKash is about convenience and inclusivity. Transactions are settled in under 15 seconds, enabling individuals and businesses to move money anytime, anywhere, and across any platform. Beyond speed, the platform carries a broader national purpose, which is to strengthen Rwanda’s financial sovereignty and ensure full control over its payment infrastructure.
To accelerate this vision, the platform, which has been rolled out in phases, is set for its official launch on December 5, 2025, at the Kigali Convention Centre (KCC).
{{A platform built for Rwanda’s digital ambitions
}}
The rollout of eKash comes at a time when Rwanda is deepening its digital transformation agenda. Under the government’s Vision 2050 and the Smart Rwanda Master Plan, the country aims to build an innovation-led economy where cashless transactions become the norm rather than the exception.
In this vision, eKash plays a critical role. The platform represents a national digital payment infrastructure capable of operating even in times of external disruptions or sanctions. By reducing dependence on foreign payment systems, it ensures continuity, security, and local ownership of financial data.
eKash is not just a payment platform; it’s Rwanda’s national financial unifier. By bringing all players together under one system, eKash levels the playing field; banks, SACCOs, mobile money operators, and fintechs no longer have to integrate individually. One endpoint opens a plethora of market opportunities, giving every participant equal footing.
{{Financial inclusion at the centre
}}
A defining feature of eKash is its focus on financial inclusion. The platform enables credit scoring and financial history portability, allowing previously unbanked Rwandans to access loans and other financial services for the first time.
Through seamless interoperability, money can move effortlessly between formal banks and mobile money accounts. For small traders and ordinary citizens, this reduces barriers to participation in the digital economy. For businesses, eKash offers a single collection point for payments, reducing reconciliation costs and improving cash flow management.
{{Enabling person-to-business (P2B) payments
}}
Beyond person-to-person transfers, eKash also supports person-to-business (P2B) payments, enabling users to pay merchants, service providers, and utility bills directly from any bank or mobile wallet. This interoperability removes the friction traditionally associated with digital payments, where consumers and businesses often had to rely on multiple platforms or manual reconciliation.
For consumers, this means faster, simpler, and more convenient transactions. Whether paying for groceries, school fees, electricity, or mobile services, users can transact in real time without worrying about which bank or mobile money provider the merchant uses.
For businesses, P2B payments provide instant settlement and a single point of collection, reducing administrative overhead and improving cash flow management. Small traders and informal businesses can now accept digital payments, expand their customer base, and build a credible financial history that may unlock future credit and services.
This functionality goes beyond convenience; it helps formalise Rwanda’s cash-based economy, strengthens financial inclusion, and encourages reliable, data-driven operations across sectors. By simplifying and securing transactions, eKash ensures that every Rwandan, whether in Kigali’s commercial centres or rural districts, can engage confidently in the digital economy.
{{Driving the cashless economy vision
}}
With Rwanda steadily establishing itself as one of Africa’s leaders in digital innovation, eKash is poised to play a pivotal role. The platform promises a future where money moves freely within the national financial ecosystem, securely, instantly, and without intermediaries.
Its success could also provide a model for other African economies seeking to localise payment infrastructure and reduce reliance on global systems.
Choosing eKash means embracing instant, inclusive, and intelligent payments, a system that empowers individuals, strengthens businesses, and drives Rwanda toward a fully cashless economy. The official launch of eKash on December 5th at KCC is set to connect the nation and accelerate Rwanda’s transition to a cashless, digitally empowered economy.
Mobile Subscribers grew by 6.9% to 8.1 million, while Active Data subscribers increased by 7.5% to 2.5 million. Active MoMo users rose by 12.2% to 5.8 million, underpinned by an expanding merchant network which reached 578k by the end of the quarter.
Service revenue increased by 14.2% to Frw 216.2 billion, driven by strong growth in Data and Mobile Money (MoMo) revenues, offsetting softer voice trends as customers continued their migration toward digital and fintech solutions.
Commenting on the results, Monzer Ali, Chief Executive Officer of MTN Rwanda, said: “Reaching the 8 million subscriber milestone marks a defining moment for MTN Rwanda, a reflection of the deep trust Rwandans continue to place in our brand and services. This achievement underscores our unwavering commitment to growth, operational excellence, and innovation with purpose.
“As a strategic partner in Rwanda’s digital transformation journey, we remain focused on expanding access to connectivity, accelerating digital inclusion, and enabling every Rwandan to benefit from the opportunities of the digital economy. Through initiatives such as Tunga Taci na MTN, we continue to make smartphones more affordable and accessible, ensuring that no one is left behind in the country’s bold digital future.”
Launched in August 2025, Tunga Taci na MTN is a new device financing programme introduced in partnership with Yellow Digital Retailers.
The initiative enables customers to acquire smartphones through flexible monthly payment plans, making ownership of smart devices more affordable and accessible.
Through this programme, MTN Rwanda continues to champion smartphone adoption, supporting the country’s Vision 2050 agenda of building a digitally empowered, knowledge-based society.
“Tunga Taci na MTN” follows on the success of 2024’s Ikosora+ initiative and reinforces the company’s purpose of enabling leading digital solutions for Rwanda’s progress.
The company’s fintech subsidiary, Mobile Money Rwanda Ltd (MoMo Rwanda), continued to deliver outstanding growth, with MoMo revenue up 30.2% year-on-year to Frw 109.4 billion.
This performance was driven by the expansion of advanced services (payments, remittances and lending), which grew by 37.0% and now contribute 28.5% of MoMo revenue. MoMo’s contribution to service revenue rose to 50.6%, highlighting its central role in driving financial inclusion and Rwanda’s transition toward a cashless economy.
“As MTN Rwanda celebrates surpassing eight million customers, MoMo remains at the heart of this growth story, connecting people to opportunity and prosperity. Our MoMo customer base grew by 634,000 reaching 5.8 million, a strong testament to the trust and adoption Rwandans continue to place in us as they embrace a digital lifestyle,” said Chantal Kagame, Chief Executive Officer of Mobile Money Rwanda Ltd.
As she explained, this digital momentum is clearly reflected in the MoMoPay ecosystem, where both merchants and users continue to grow hand in hand.
The company’s merchant base reached an all-time high of 578k, while active MoMoPay users increased to 3.7 million, demonstrating how MoMo is digitizing day-to-day payments and driving financial inclusion across Rwanda.
“Today, average monthly MoMo transaction volumes have reached a record 246 million, underscoring how deeply MoMo is woven into the fabric of everyday life. Through innovation and inclusion, we are not just powering transactions, we are powering transformation, ensuring that every Rwandan is equipped to participate and thrive in the country’s digital future,” Chantal Kagame added.
Data revenue grew by 7.9% to Frw 35.8 billion, supported by an increase in 4G users and growth in 4G traffic. These gains were achieved through continuous network expansion and optimisation and targeted 3G-to-4G migration campaigns that have enhanced the customer experience. Voice revenue declined by 2.7% year-on-year as usage trends continue to evolve; however, focused customer-value propositions delivered a 1.8% quarter-on-quarter recovery.
Operational efficiencies remain a key priority, with the company realising cost savings through the execution of its Expense Efficiency Programme (EEP). Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) rose by 36.7% to Frw 89.7 billion, with the EBITDA margin expanding by 7.2 percentage points to 41.2%, reflecting the quality and sustainability of earnings achieved during the period. Profit after tax increased by 222.7% year-on-year to Frw 13.3 billion, supported by robust service revenue growth and lower depreciation charges.
“Our third quarter performance demonstrates the strength of our financial foundation and the discipline of our capital allocation. The improvement in EBITDA and profitability is evidence of our focus on operational excellence and efficient deployment of financial resources. As we continue to optimise our cost base, we are well positioned to fund strategic investments that will drive sustainable long-term value for our stakeholders,” noted Dunstan Ayodele Stober, Acting Chief Financial Officer of MTN Rwanda.
Looking ahead, MTN Rwanda remains focused on executing its Ambition 2025 strategy, enhancing customer value and delivering cost-efficient growth. The company expects continued commercial momentum in the final quarter of the year reflecting confidence in the resilience of its operating model and the scalability of its digital-platform strategy.
{{About MTN Rwandacell Plc}}
MTN Rwandacell Plc (MTN Rwanda) is the market leader in mobile telecommunications in Rwanda. Since 1998, it has continuously invested in expanding and modernising its network and driving leading digital solutions for Rwanda’s progress.
As the country’s No 1 network, MTN offers innovative voice, data and fintech services for individual and corporate customers with a clear vision to lead the delivery of a bold, new digital world to customers with a belief that everyone deserves the benefits of a modern connected life.
The facility being developed by Société Pétrolière (SP) will store up to 9,000 tonnes of LPG, enough to meet the country’s cooking gas needs for around two months. It includes daily-use tanks already in place and larger long-term storage spheres currently under construction.
Speaking to the New Times, SP Managing Director Claudien Habimana said the depot will not only serve SP but also allow the government and other energy players to maintain strategic reserves, helping ensure supply continuity and market stability.
The project has seen costs rise from the original Frw 38 billion due to equipment upgrades. It’s expected to enter a temporary operational phase in January 2026 before full commissioning in July.
Currently, Rwanda imports all its LPG, and only a small fraction of households use gas for cooking. The new depot is expected to stabilise supply, reduce price fluctuations, and support future growth in the domestic LPG market, while laying the groundwork for Rwanda’s transition to cleaner energy sources.
The Cluster’s Chairperson, Jean D’amour Kamayirese, told IGIHE that the earnings mark a significant recovery in the sector, crediting government reforms for restoring the value of hides and skins.
Leather exports had declined sharply following a 2015 East African Community (EAC) directive that restricted the export of raw hides and skins outside the region. Exporters who wished to sell beyond the EAC were required to pay a USD 0.52 levy per kilogram, a policy that discouraged trade and reduced prices locally.
Before the directive, a kilogram of hides sold for about Frw 1,500, but the price later dropped to between Frw 100 and 200.
To revive the sector, the Ministry of Trade and Industry (MINICOM) and the Rwanda Development Board (RDB) established the Kigali Leather Cluster in May 2023 to coordinate value chain development and support plans for a leather processing plant in Bugesera District.
Although the cluster initially focused on Kigali-based processors, a broader platform, the Rwanda Value Chain Alliance (RVCA), was later formed to include members from across the country.
Kamayirese said the 2015 restriction had discouraged investors, leading to wastage of raw hides.
“We found that many traders had left the business because of heavy losses,” he said. “We began engaging producers and traders across provinces to assure them that the government was working on a solution.”
He noted that following sustained advocacy by the cluster and its partners, the government reviewed and lifted the export restriction in October 2024, allowing trade beyond the EAC without the previous high levy.
“Since the directive was lifted, we have seen a return of investors from different countries,” Kamayirese said. “Prices have since increased from Frw 100–200 per kilogram to about Frw 750.”
Before 2014, Rwanda earned more than Frw 4 billion annually from leather exports. However, between 2016 and 2019, export revenues dropped to just Frw 63 million due to the trade restrictions.
Since 2024, Rwanda has exported 459,000 cattle hides, earning about Frw 6.8 billion, and 3.2 million goat skins, generating Frw 4.8 billion, bringing total earnings to over Frw 11 billion.
Leather remains one of the world’s most versatile raw materials, widely used in footwear, fashion accessories, furniture, automotive interiors, and sports gear.
Speaking to reporters aboard Air Force One after the talks with Trump on Wednesday night, Trump described the meeting as a major success, saying the United States was now on track to finalise a trade deal with China “pretty soon.”
“I guess on the scale from 0 to 10, with ten being the best, I would say the meeting was a 12,” Trump said. “I think it was a 12.”
Under the new measures, tariffs imposed earlier this year as punishment for China’s alleged role in the export of chemicals used to make fentanyl will be cut from 20% to 10%. This reduces the overall tariff rate on Chinese goods from 57% to 47%.
Trump said Beijing had agreed to lift restrictions on the export of rare earth minerals, vital components for manufacturing high-tech products such as electric vehicles, fighter jets, and smartphones, and to resume purchases of American soybeans.
{{Trade deal ‘within reach’
}}
The two leaders met for 100 minutes in the port city of Busan, around 76 kilometres south of the main venue for the Asia-Pacific Economic Cooperation (APEC) summit. Their discussion, which Trump later described as “a turning point,” also touched on technology exports, with the U.S. president confirming that chipmaker Nvidia would begin talks with Chinese officials about selling advanced semiconductors.
Trump said he would visit China in April, while Xi is expected to make a reciprocal trip to the U.S. later in the year.
“We have not too many major stumbling blocks,” Trump told journalists, expressing confidence that a broader trade agreement could be signed soon.
{{Signs of a thaw
}}
The announcement comes after months of renewed tension between Washington and Beijing, as both countries sought to assert dominance in global manufacturing, artificial intelligence development, and geopolitical influence. Trump’s use of tariffs to pressure China had prompted retaliatory export limits from Beijing, particularly on rare earths, minerals critical to the U.S. defence and technology sectors.
Analysts said Thursday’s breakthrough reflects a shared desire to cool tensions and stabilise economic relations after a volatile year.
Beijing has not issued an official statement on the outcomes of the meeting. However, at the start of the talks, Xi struck a conciliatory tone, saying through a translator that “it is normal for the two leading economies of the world to have frictions now and then.”
The easing of tariffs and resumption of rare earth exports have already buoyed investor confidence, with U.S. markets climbing on Thursday amid optimism for a trade framework.
Officials from both countries had met earlier in Kuala Lumpur to prepare for the summit, reaching what they described as a “preliminary consensus.” U.S. Treasury Secretary Scott Bessent later called the talks “a very successful framework.”
Despite the positive signals, several sticking points remain unresolved, including the expected agreement on the sale of Chinese-owned TikTok’s U.S. operations. Analysts say that without clarity on that front, complete normalisation of trade relations remains uncertain.
Meanwhile, Trump’s shifting tariff policy has also raised questions about long-term strategy. Earlier this year, he threatened to raise tariffs on Chinese goods to 145% before abandoning the plan amid market backlash. Just weeks ago, he warned of a 100% import tax in response to China’s rare earth restrictions, an escalation now seemingly averted.
For China, lifting the rare earths blockade is a significant gesture, given its global dominance in processing the minerals. The move may signal Beijing’s intent to ease global concern about its leverage over critical supply chains.
The factory, founded by Sudanese dentist Dr. Moustafa Hussein Abbas, is driven by a medical-first approach aimed at improving oral health standards. Operating under Next Day Company Ltd, it focuses on producing quality toothbrushes entirely within Rwanda.
During a visit by IGIHE, Factory Manager Eng. Mohamed Elmudathir Abdelrahman revealed that Velano has a daily production capacity of 120,000 toothbrushes. Officials did not provide details on the factory’s value.
“Every Velano toothbrush is manufactured from scratch here in Rwanda, using local labour and expertise,” said Eng. Abdelrahman. “We aim to set a new standard in medical-quality toothbrushes while keeping prices affordable for all.”
According to the management, Velano manufactures every component locally from polypropylene (PP) plastic handles moulded using injection machines to the final packaging. Each toothbrush is tufted with bristles and undergoes quality inspection before distribution.
The brand currently offers two packaging options for consumers: a strip line priced between Frw 300 and 400, and individual packaging costing between Frw 650 and 750.
Both packaging options maintain the same medical-grade quality, drawing on Dr. Abbas’s research and dental expertise, according to Eng. Abdelrahman.
{{Empowering local workforce
}}
The factory employs 35 staff, with plans to expand to 150 employees as production scales up. Women make up an impressive 89% of the current workforce.
Additionally, employees are receiving hands-on training in operating advanced manufacturing machinery, a contribution to Rwanda’s broader skills development agenda.
“Industry is the future for Rwanda,” Eng. Abdelrahman noted. “By building our factory from scratch with local talent, we are contributing to the economy, creating jobs, and supporting skills growth.”
{{Accessibility across the country
}}
Velano toothbrushes are already available for bulk and direct purchase. The company is working with distributors to ensure its products reach households in every corner of Rwanda.
The launch aligns with Rwanda’s broader push to boost domestic production and develop competitive manufacturing sectors. It follows recent investments in oral-care production, including the opening of the Pro Smile Toothpaste Factory in November 2024 within the Kigali Special Economic Zone.
The industry sector continued to play a central role in Rwanda’s economy in the second quarter of 2025, contributing 21% of GDP and recording a 7% growth rate, equivalent to 1.5 percentage points of overall economic growth.
The performance was driven by gains in mining, construction, and manufacturing, highlighting the country’s ongoing industrialisation push. Within the sector, manufacturing expanded by 8%, supported by growth in food processing (10%), metal products, machinery and equipment (19%), chemicals, rubber and plastic products (24%), and non-metallic minerals, mainly cement (23%).
The strong performance in chemicals, rubber, and plastic products is particularly noteworthy, as it directly reflects the emergence of local facilities like Velano.
At the national level, Rwanda’s economy grew by 7.8% in Q2 2025, supported by agriculture (8%) and services (9%), with key drivers including trade, transport, financial services, and ICT. GDP at current market prices was estimated at Frw 5,798 billion, up from Frw 4,966 billion in the same quarter of 2024.
The ambitious project, located in Karongi District’s Bwishyura Sector, aims to produce 40 million cubic feet of methane gas per day by 2027. This output is expected to meet a substantial portion of Rwanda’s domestic and industrial energy needs, reducing reliance on imported liquefied petroleum gas (LPG) and helping curb the country’s carbon footprint.
GasMeth Energy’s CEO, Stephen Tierney, told The New Times that the first phase of the project, which was valued at just over $360 million, is nearly complete.
“At this stage, all of the lake sites and onshore work are largely complete, and offshore work has commenced,” Tierney said, adding that essential infrastructure such as the key barge hull, pumps, and compressors are under fabrication.
Signed in 2019 between GasMeth and the Government of Rwanda, the project initially faced delays due to complex financing arrangements and global supply chain disruptions. Tierney explained that sourcing specialised equipment and securing confirmed gas off-takers took longer than anticipated.
Despite the setbacks, the project has regained momentum with strong support from both the Rwandan government and international financiers, including the African Export-Import Bank (Afreximbank).
Preliminary works began in 2022, and the project currently employs about 250 people. Employment is expected to triple as construction progresses over the coming months.
Beyond energy production, the initiative is poised to advance Rwanda’s environmental goals. With roughly 75% of households still relying on firewood for cooking, the project promises a cleaner, more affordable alternative for households and industries.
Tierney emphasised that the methane-to-gas initiative will help cut CO₂ emissions, improve air quality, and reduce deforestation driven by wood and charcoal use.
The project joins existing methane facilities, including KivuWatt and Shema Power Lake Kivu, potentially positioning Rwanda as a continental leader in sustainable methane energy extraction. Analysts say this initiative could mark a turning point for Africa in harnessing lake methane as a reliable, eco-friendly energy source.
