The global electric vehicle (EV) market is expected to grow from US$8.8 trillion in 2025 to US$46 trillion by 2050, presenting significant opportunities for Zambia and the Democratic Republic of Congo (DRC) to participate in the EV supply chain through mineral production, value addition, and beneficiation.
Both countries hold vast reserves of key EV minerals. The DRC accounts for 60 percent of global lithium reserves, while Zambia and DRC together hold 70 percent of global cobalt reserves.
They also have significant deposits of copper, manganese, nickel, and other rare earth minerals.
Eunice Kamwendo, UNECA Director for Inclusive Industrialization in Southern Africa, told a Lusaka workshop on Wednesday that Africa’s participation in the EV market could increase GDP by 12 percent or more by 2050.
“The battery electric vehicle (BEV) value chain offers diverse opportunities—from exploration, mine development, mineral processing, and marketing, to component manufacturing, assembly, recycling, protective clothing, drilling, consulting services, and chemical supplies,” Kamwendo said.
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She noted that MSMEs, which make up 97 percent of Zambian businesses, contribute about 70 percent to GDP and provide 88 percent of employment, positioning them strategically to benefit from the EV sector.
Angelina Mukuka, acting Permanent Secretary in the Ministry of Commerce, Trade and Industry, reaffirmed government commitment to the joint Zambia-DRC battery initiative, noting work is ongoing to establish a project company, develop a concept master plan, and prepare a bankable plan.
“Once implemented, the project is expected to facilitate technology and skills transfer, create jobs, generate value from strategic minerals, and ultimately contribute to poverty reduction,” Mukuka said, highlighting alignment with Zambia’s Eighth National Development Plan (8NDP).
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