Zambia 2025: A Breakout Year for Investors in Africa’s Most Ambitious Reform Market

As 2025 closes, Zambia stands out as one of Africa’s most compelling investment destinations for both global and local investors. This is a story of growth, momentum and deliberate reform. Zambian institutions, entrepreneurs and capital markets have actively participated alongside international capital, taking advantage of improved macroeconomic stability, renewed sovereign confidence and expanding opportunities across mining, infrastructure and energy. Together, major reforms, a broad infrastructure pipeline and an assertive shift toward solar energy have firmly placed Zambia on the radar of long-term investors.

A Strengthened Macroeconomic FoundationZambia’s stabilisation is most clearly reflected in the sovereign rating upgrades issued by S&P and Fitch in 2025. These upgrades signal improved debt dynamics, credible reform implementation and reduced policy uncertainty. The Kwacha remained broadly stable, inflation continued to ease and foreign exchange reserves rose to a record US$5.2 billion, up from around US$2 billion just three years ago. For a country of 20 million people, this marks a significant strengthening of external resilience and long-term investment credibility.

Rising Investor Confidence and Mining ExpansionMining remains Zambia’s anchor sector, and 2025 was among its most active years in recent memory. Global demand for copper and critical minerals continues to accelerate, and Zambia is reasserting itself as a key supplier to the energy transition. First Quantum Minerals’ S3 Expansion at Kansanshi and Barrick Lumwana’s US$2 billion Super Pit Expansion are reshaping the production outlook. Together, these projects reinforce Zambia’s position as a predictable, reform-driven mining jurisdiction, with strong spillovers into logistics, construction, energy and local services.

A Transformative Year for InfrastructureInfrastructure has been central to Zambia’s competitiveness agenda in 2025. Through ambitious public-private partnerships PPPs, the government is upgrading key trade corridors and reinforcing the country’s land-linked advantage. The Solwezi–Kipushi Road and border modernisation project is cutting major transport inefficiencies and supporting mining supply chains linked to the DRC. The Kasomeno–Mwenda Corridor is set to become the shortest route from the DRC to the port of Dar es Salaam, while the Mutanda–Kasempa–Kaoma Road is strengthening connectivity between the Copperbelt, North-Western and Western provinces. Collectively, these investments are reducing logistics costs and expanding market access across multiple sectors.

A Milestone in Corporate GrowthZambia’s capital markets also reached an important milestone in 2025. Zambia Sugar, ZCCM-IH and Copperbelt Energy Corporation all surpassed the US$1 billion valuation mark, highlighting growing investor appetite for scaled Zambian assets. CEC’s green bond programme has further positioned Lusaka as a frontier centre for renewable energy finance.

Agricultural Industrialisation and Agribusiness GrowthAgriculture continues to emerge as a scalable investment opportunity. United Capital Fertiliser’s US$1.4 billion Phase Two expansion is positioning Zambia as a regional fertiliser hub, with capacity of up to 1.6 million tonnes annually. In October 2025, Zambia also began official beef exports to the DRC, supporting its ambition to build a US$1 billion beef export industry by 2030 and adding momentum to rural industrialisation.

A Dynamic Energy Market and the Shift to Power SecurityEnergy has been the defining sector of Zambia’s 2025 transformation. Solar parks, thermal plants, commercial rooftop systems, mini-grids and hybrid solutions are being deployed at speed, reshaping the country’s power mix. A landmark moment for the sector came with Copperbelt Energy Corporation’s successful US$150 million green bond issuance, financing 230 MW of solar capacity through a 15-year funding structured without sovereign guarantees. The transaction demonstrated that Zambia’s energy sector can attract large-scale private capital on a purely commercial basis, signalling a new level of maturity in local project finance. Alongside this, the Presidential Constituency Energy Initiative will deploy 2 MW of solar in each of Zambia’s 156 constituencies, decentralising generation and building resilience at district level. In parallel, thermal investments are strengthening base load capacity, ensuring system stability as renewable generation expands. Combined, these developments are delivering a more balanced, reliable and increasingly investor-friendly power system, positioning Zambia as one of Africa’s most credible renewable energy markets.

Land-Linked Zambia: A Regional GatewayZambia’s strategic geography remains one of its strongest assets. It borders eight countries with a combined population of over 350 million people, offering investors access to a vast regional market from a single, stable base. Upgraded corridors and expanding power interconnectors are reinforcing Zambia’s role as a gateway between Southern, Central and East Africa.

Conclusion: Zambia’s Investment Case Has Never Been Stronger2025 has been a breakthrough year. Sovereign upgrades, record reserves, mining expansion, infrastructure delivery, agricultural industrialisation and a surge in renewable energy investment have aligned Zambia’s fundamentals with rising confidence. For investors seeking scale, regional exposure and reform momentum, the opportunity is clear. Zambia is ready, and early entrants stand to benefit most from the decade ahead.