MANZINI – King Mswati III has challenged Eswatini to pursue a much larger economic ambition, saying the country should aspire to reach E4 trillion.
The King said Eswatini should eventually produce virtually everything required by its people rather than relying heavily on imports. He said the country should also become a supplier to other African countries, producing goods required by neighbouring markets.
His Majesty was speaking during the official opening of the 58th Eswatini International Trade Fair at the Mavuso Trade and Exhibition Centre when accepting tetfulo on Saturday night.
The King was reflecting on the Strategic Oil Reserve Facility being constructed at Phuzumoya, which he described as an important development in strengthening national fuel security.
The E5.2 billion facility is being developed by the Eswatini National Petroleum Company (ENPC) and is designed to hold 80 million litres of fuel, providing approximately 60 days of national fuel cover. The project is intended to protect Eswatini against disruptions in fuel supplies and fluctuations in international markets, while government ultimately wants to increase strategic storage capacity to 90 days.
His Majesty said the scale of the country’s plans had already attracted attention from elsewhere in the region.
He recalled visiting the Phuzumoya project and being told that one minister had expressed surprise that Eswatini was working towards 60 days of strategic fuel storage when some countries had smaller reserves. The King said he explained that the country’s objective would not end with the initial 60-day target.
Instead, Eswatini intended to increase strategic storage to 90 days as part of its long-term plans. His Majesty said the objective should ultimately be to prevent situations in which the country experienced fuel shortages. The Phuzumoya facility is being developed as a reserve that can be relied upon when imports are disrupted because of supply-chain problems, emergencies or other unforeseen circumstances. ENPC has stated that the longer-term objective is for Eswatini to maintain fuel stocks equivalent to 90 days of national requirements, with the current project serving as the foundation.
However, the King said the significance of the project extended beyond storing fuel.
He said Africa had vast natural resources but needed to become better at using those resources to create wealth and development within the continent.
His Majesty pointed out that several African countries possessed crude oil reserves but did not have enough refining capacity to process the resource and capture more of its economic value.
He said African nations needed to develop the ability to convert raw materials into finished and higher-value products instead of depending on other countries for processing and value addition. The King referred to South Korea as an example of a country that had developed a major petroleum and refining industry despite having limited domestic crude oil resources.
He said the Asian country had imported crude oil and built capacity to process it into petroleum and petrochemical products, creating substantial economic value. His Majesty recalled a previous visit to Busan, where discussions included South Korea’s petroleum storage and processing capabilities.
He said the country’s strategic storage plans had expanded gradually, moving from lower levels before reaching targets of 60, 90 and eventually 120 days.
The King said this provided encouragement for Eswatini because its initial target of 60 days represented an important beginning. “Eswatini is coming along good,” he said. His Majesty said South Korea’s experience demonstrated the economic possibilities available when raw materials were transformed into multiple valuable products.
He said Eswatini needed to broaden its economic thinking and set targets that matched the country’s potential.
The King referred to businesses and economies around the world that generate trillions of United States Dollars, saying such achievements should encourage Eswatini to think about what could be possible. His Majesty said even reaching an economic or business value of E4 trillion would represent a major achievement. “Eswatini cannot even make E1 trillion. That number has never existed in the country, but we only hear of people making trillions,” he said. The King stressed that ambitious goals had to begin somewhere and said the country should not be discouraged by the size of the targets it wanted to achieve. He said Eswatini needed to develop mastery of industries and processes that could enable it to convert its resources into higher-value products and ultimately generate greater wealth.
The Phuzumoya project remains one of the country’s significant investments aimed at strengthening energy security.
Construction of the facility is proceeding under a planned 36-month implementation period, with government and ENPC updates indicating that the project is expected to improve fuel security while contributing to economic resilience, employment creation and technical skills.
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