Yesterday afternoon, State House welcomed Mr. Tony Elumelu, Group Chairman of the United Bank for Africa (UBA) and founder of the Tony Elumelu Foundation. The visit focused on strengthening Zambia’s economic growth through private sector investment, particularly in the energy sector. Discussions highlighted the government’s efforts to create a conducive environment for investors and the role of initiatives that support entrepreneurship. Mr. Elumelu reaffirmed his commitment to backing projects that align with national development goals. The visit also provided an opportunity to explore collaborations that could enhance Zambia’s energy infrastructure. Officials emphasized the importance of strategic partnerships in advancing sustainable economic growth.
Zambia is currently facing significant energy challenges that affect both households and businesses. The government acknowledged that these challenges are painful but not insurmountable, underlining the importance of immediate action. Plans include diversifying the energy mix, fast-tracking regulatory reforms, and encouraging independent power producers to participate. By creating a more flexible and investor-friendly framework, Zambia aims to ensure a stable and reliable energy supply. Mr. Elumelu’s expertise and resources were highlighted as critical in supporting these initiatives. Strengthening the energy sector is seen as a catalyst for broader economic development across multiple industries. The discussions reflected a shared commitment to overcoming obstacles and unlocking the country’s potential.
The Tony Elumelu Foundation’s work in Zambia received commendation, particularly its Entrepreneurship Programme, which has empowered over 350 young Zambian entrepreneurs. These efforts are designed to cultivate innovation, create jobs, and develop a new generation of business leaders. Officials noted that initiatives like this are essential in building a dynamic and inclusive economy that benefits all citizens. Collaboration between the government and private sector foundations is expected to scale impact and drive tangible results. Mr. Elumelu’s presence reinforced the foundation’s role in fostering entrepreneurship and financial inclusion. By supporting local talent, the partnership aims to stimulate economic activity and attract further investment. This approach aligns with Zambia’s long-term vision of sustainable economic growth.
Government officials stressed that Zambia remains open for business and invited Mr. Elumelu to showcase the country’s vast investment opportunities. Sectors such as energy, agriculture, and infrastructure offer significant potential for private sector involvement. The visit served as a platform to demonstrate the government’s commitment to reform and investor-friendly policies. By highlighting opportunities and reducing barriers, Zambia aims to attract both local and international investors. Mr. Elumelu’s engagement is expected to strengthen confidence among business leaders considering the Zambian market. The discussions concluded with a shared commitment to continue collaboration and promote initiatives that drive economic development. Partnerships like these are seen as critical in moving Zambia forward and achieving inclusive growth.