Manzini – EswatiniBank Managing Director Noziwase Mulela has warned that Eswatini’s heavy reliance on agriculture could undermine broader industrial growth and leave the economy exposed to external shocks.
Speaking on a panel discussion of the Industrial Finance Seminar hosted by the Eswatini National Industrial Development Corporation (ENIDC) at the Eswatini International Trade Fair, Mulela acknowledged agriculture’s historic role as the foundation of the economy but emphasized the risks of remaining dependent on a single sector.
“From the earliest days, agriculture has been our key sector. Sugar, timber, beverages, textiles and agroforestry have long driven growth. But when markets weaken, the entire economy feels the strain,” she said.
Mulela noted that while EswatiniBank continues to finance enterprises across agriculture and agro-processing, the country must diversify into new industries such as energy, mining and manufacturing. She cautioned that limited awareness of these opportunities delays progress toward building a resilient economy.
“While agriculture will always be important, we must avoid remaining a single-sector economy,” she stressed.
Other panelists, including Eswatini Bankers Association Executive Director Zakhele Lukhele and FINCORP Managing Director Dumisani Msibi, echoed Mulela’s views. They argued that long-term growth cannot be sustained by relying solely on traditional sectors.
Msibi highlighted Eswatini’s sixth-place ranking on the African Development Bank’s Industrialisation Index, saying it reflects progress in manufacturing and trade but also points to the need for a more inclusive growth strategy.
“Ranking highly is encouraging, but it does not mean our work is done,” Msibi said. “To achieve durable growth and create jobs, we must strengthen industries beyond agriculture and implement a comprehensive industrialisation plan.”
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