In a high-profile move for regional economic integration, Dr. Stanley Uzochukwu, Chairman and CEO of Stanel Group, led a high-powered business delegation to Lusaka over the weekend for exploratory talks with Zambian President Hakainde Hichilema.
The meeting signals a growing trend of “South-South” cooperation, where West African business titans are looking toward Southern Africa to drive industrialization and digital transformation across the continent.
The Delegation: A Blend of Energy, Fintech, and Diplomacy
The meeting was notable for its cross-disciplinary participants, bridging the gap between traditional infrastructure and the new digital economy:
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Dr. Stanley Uzochukwu (Stanel Group): Representing interests in energy, retail, hospitality, and real estate.
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Olugbenga Agboola (CEO, Flutterwave): Representing Africa’s fintech giant, highlighting the central role of digital payment infrastructure in cross-border trade.
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Ernest Bai Koroma: Former President of Sierra Leone, whose presence provided a diplomatic bridge and underscored the importance of political-business networking in regional expansion.
Strategic Objectives: Why Zambia?
President Hichilema, a former businessman himself, has positioned Zambia as a “reform-minded” economy since 2021.3 The discussions focused on how private capital can align with public leadership to support:
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Industrialization: Moving Zambia beyond its traditional reliance on commodity exports.
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Infrastructure Development: Leveraging Stanel Group’s expertise in energy and real estate.
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Digital Innovation: Utilizing Flutterwave’s payment rails to enhance financial inclusion and trade efficiency.
The Road Ahead: Intent vs. Outcome
While the visit was described as “exploratory” with no formal contracts signed yet, it marks a significant entry point for Nigerian capital into the Zambian market.4 Analysts suggest that this engagement is a precursor to more structured negotiations involving regulatory bodies.
Dr. Uzochukwu described the visit as a search for “strategic investment and partnerships aimed at supporting economic growth.” The success of these talks will depend on follow-up negotiations regarding market conditions and regulatory frameworks in the coming months.
