Nozizwe Mulela, Managing Director of Eswatini Bank, has warned that Eswatini’s heavy reliance on agriculture could threaten the country’s industrial development and economic stability.
The panel discussion was titled “Reinforcing the Role of Industrial Development Finance in Unlocking Economic Growth and Employment Creation in the Kingdom of Eswatini.” Mulela stressed the ongoing importance of agriculture as the backbone of the nation’s economy.
“Since we opened our eyes, agriculture has been the key sector. Agroforestry, sugar, timber, beverages, and textiles have driven economic growth for decades,” she said, noting that these sectors have long been central to exports and GDP growth.
Mulela also highlighted Eswatini Bank’s role in supporting agriculture, stating that the institution finances businesses across the agricultural value chain, from primary production to agro-processing, to strengthen industrial capacity.
“At our bank, we see a lot from agriculture all the way to agro-processing. That is what we do here,” she noted, emphasizing the commitment to both commercial viability and developmental impact.
Despite agriculture’s dominance, Mulela cautioned against the risks of a single-sector economy. “If markets start dipping, the whole economy will be affected,” she warned, advocating for diversification into other industries. She pointed out that while Eswatini has emerging opportunities in sectors such as energy, mining, and manufacturing, awareness of these possibilities remains limited.
The other panelists, Zakhele Lukhele, the Executive Director of Eswatini Bankers Association, and Dumisani Msibi, the Group Managing Director of Eswatini Development Finance Corporation (FINCORP), echoed her view that industrial growth cannot depend solely on traditional sectors.
Msibi highlighted Eswatini’s ranking on the African Development Bank Industrialization Index (sixth on the continent) during the discussion. While this reflects strong performance in manufacturing and export trade, Msibi emphasized that achieving sustainable growth and broad employment requires moving beyond agriculture and adopting a more comprehensive industrial strategy.