President Edgar Lungu has promised to pursue nuclear technology as part of the a diversified sustainable energy mix to power the economy.
Delivering his inauguration speech shortly after he was sworn in as the country’s sixth Republican President at Lusaka’s Heroes Stadium Tuesday, Lungu said this will be done during his five-year term of office.
Putting up a nuclear power plant costs in the region of US$9 billion and can take between 5-10 years to construct at the fastest. Nuclear power is a reliable energy source and uses small volumes of fuels to produce exponentially large amounts of energy.
President Lungu also talked up the possibility of discovering oil and gas in the country.
“I also have good news that some where in the north of the country, in block 31, investors have began a promising exploration project for oil and gas,” he said.
And Lungu has designated Kafue town an iron and steel facility economic zone with the aim of revamping its economic status and spearheading the industrialisation of the country as a whole.
“On my many trips around the country, during my campaigns, I discovered a project embarked upon by a few patriotic Zambians. These compatriots, against all odds, have established an iron and steel plant in Kafue town,” he said.
“To this effect, in order to encourage such homegrown industries to thrive, I am making Kafue town an iron and steel facility economic zone.
I am also beseeching my compatriots to develop this facility into a centre of excellence for local industries.
“This economic facility zone is meant to induce the revamping of the economic status of Kafue and spearhead the industrialisation programme for Zambia as a whole. This is the model of what we intend to do countrywide to facilitate the emergence of homegrown industrialisation.”