UBA Group to support Zambia’s energy, agricultural aspirations

UNITED Bank of Africa (UBA) Group says it will support the New Dawn Government to deliver on its aspirations around energy, food security and other critical infrastructural projects.

And President Hakainde Hichilema says without producing enough electricity, Government cannot achieve all the economic targets.

UBA Group chairman Tony Elumelu paid a courtesy on President Hichilema at State House today.

He congratulated Government on all transformative socio-economic programmes it has embarked on.

“I sit on the IMF global council and I know how well regarded your administration is,” Mr Elumelu said.

Mr Elumelu said the Zambian government’s commitment to food security is admirable, and UBA will support small-scale farmers to actualise food security aspirations for Zambians.

“We love to see African leaders who are committed genuinely to spearhead transformations 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.

Mr Elumelu also announced the decision of the UBA Group to support Zambia’s energy availability project.

“We understand that your economy has grown and so it requires more electricity.

“We want to walk with your Government to provide financial support to realise your ambitious energy project – 10, 000 additional megawatts for your people,” he said.

The Nigerian economist said UBA is elated to do business in Zambia, and proud of its collaboration with Government and Zambians at large.

“We play our role to support small and medium-scale enterprises and we want to continue to do more,” he said.

Mr Elumelu further said the Tony Elumelu Foundation has, to date, supported over 350 young men and women from Zambia.

“We are giving each one of them a non-refundable $5, 000 to capacitate them to become entrepreneurs so that they complement what you are doing.

“I have often said that nobody but us will develop our continent,” he said.

On his part, the President said meeting the UBA Group team is an opportunity to exchange notes and share 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,” he said.

President Hichilema said the 2023/24 drought impaired the country’s hydro-electricity capacity, yet there is increased demand for power due to an 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,” President Hichilema said.

The head of State also told the UBA Group delegation that Zambia is ahead of a number of African countries, in terms of reforms in 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,” President Hichilema said, and appreciated the philanthropic works Mr Elumelu’s Foundation is doing.

President Hichilema further asked UBA to push more resources in Zambia’s irrigation agriculture agenda so that: “we can have assured food security.”

“The success of UBA is our success because it’s a player in this economy,” said President Hichilema.