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President Hakainde Hichilema has urged the United Bank for Africa (UBA) to channel more resources into Zambia’s irrigation agriculture agenda to help strengthen the country’s food security.
The President said the bank was already an active player in Zambia’s economy and could play a vital role in expanding irrigation initiatives to ensure consistent food production.
He made the appeal on Tuesday when the bank’s Group Chairman, Tony Elumelu, paid a courtesy call on him at State House in Lusaka.
Hichilema reiterated that Zambia remained open for business and encouraged Elumelu to partner with the government in showcasing the nation’s vast investment potential.
He said the meeting with the bank’s delegation provided an opportunity to exchange ideas and align priorities for Zambia’s economic development.
“Last time you came, we were briefing you about debt restructuring. Since then, we have made tremendous progress. But having put a large portion of debt restructuring aside, it now opens more headroom for our economy for investments to flow into the country,” Hichilema said.
He noted that the 2023/24 drought had affected the country’s hydroelectric capacity even as demand for power continued to rise due to economic expansion.
“So we want to invite your organisation and your associated businesses to share with us the priority of investing in electricity. We have done our homework in terms of reforms in the energy sector,” the President said.
He added that Zambia was ahead of many African countries in implementing reforms within the energy sector.
“There is open access. We have also opened investments in not just power generation but also in transmission. Without electricity, we cannot achieve all our economic targets. So electricity is number one. So we need it,” Hichilema said, while also commending the philanthropic work of the Tony Elumelu Foundation.
In his remarks, Elumelu pledged the Bank’s support to the government in advancing its aspirations around energy, food security, and other key infrastructure projects.
He congratulated the Zambian government on its transformative socio-economic programmes and reforms.
“I sit on the IMF Global Council, and I know how well regarded your administration is,” Elumelu said.
He added that the government’s commitment to food security was admirable and assured support for small-scale farmers to help realise Zambia’s agricultural goals.
“We love to see African leaders who are genuinely committed to spearheading transformation and prosperity for the continent. We will support you and your Government to deliver on your aspirations on energy, food security, and other critical infrastructural projects you may wish to embark on,” he said.
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