Zambia Targets Local SME Growth from US$12bn Mining Investments
Zambian SMEs Seek Greater Share of US$12 Billion Mining Investment Opportunities
Zambia’s mining investment drive is bringing renewed attention to the opportunities available to local businesses, as small and medium enterprises call for better access to contracts and affordable financing.
Government says the country has attracted approximately US$12 billion in mining investment commitments over the past five years.
Alongside efforts to expand production, officials are calling for that investment to generate business growth and employment through greater participation by Zambian suppliers.
Special Assistant to the President for Finance and Investment Jito Kayumba attributed the investment momentum to economic diplomacy, policy reforms and improved investor confidence under President Hakainde Hichilema.
He said efforts since 2021 to create a more predictable investment environment had strengthened Zambia’s appeal to international capital.
Major developments include First Quantum Minerals’ investments in its Zambian operations and Barrick’s approximately US$2 billion Lumwana Super Pit expansion.
However, local enterprises are seeking greater involvement in the supply chains supporting these investments.
Speaking at the Seventh Kalumbila Business Clinic, Minister of Small and Medium Enterprises Development Lucky Sichone said mining activity in North-Western Province presented significant opportunities for Zambian businesses.
He said Government expected the Local Content Regulations under Statutory Instrument No. 68 of 2025 to deliver practical results through contracts, jobs and enterprise development.
The clinic’s programme included the graduation of the first cohort of FQM Trident’s Supplier Development Programme, business pitch competition awards and the groundbreaking of the Kalumbila SME Park.
FQM country manager Dr Godwin Beene said 30 local businesses had been selected for the supplier programme to address capacity gaps and improve their competitiveness.
He also reported that FQM Trident had provided approximately K12 million in returnable grants to more than 100 businesses and invested K82.4 million in SME capacity building.
The initiatives are intended to help local enterprises strengthen their ability to compete for opportunities arising from mining operations.
Access to finance is also receiving support through Zambia’s international partnerships.
Canada’s development finance institution, FinDev Canada, has announced a US$35 million loan to Zanaco aimed at expanding financing for underserved businesses, including women-owned enterprises and agribusinesses.
Canada has also inaugurated its High Commission in Lusaka and signed a memorandum of understanding with Zambia covering economic and development cooperation, including trade, investment and critical minerals.
These developments broaden the framework for investment cooperation. For local suppliers, the practical priority remains securing the finance, capabilities and market access needed to turn mining expansion into sustainable business growth.
