MANZINI – EswatiniBank Managing Director Nozizwe Mulela has cautioned that the country’s heavy dependence on agriculture could hinder wider industrial development and leave the economy vulnerable to shocks.
She was speaking during a panel discussion themed ‘Reinforcing the Role of Industrial Development Finance in Unlocking Economic Growth and Employment Creation in the Kingdom of Eswatini.’
The panel discussion was part of the Industrial Finance Seminar hosted by the Eswatini National Industrial Development Corporation (ENIDC) on the sidelines of the ongoing Eswatini International Trade Fair (EITF).
Mulela acknowledged that agriculture has long been the foundation of the economy, but warned that this dominance carries risks if not balanced with growth in other sectors.
“From the earliest days, agriculture has been our key sector. Sugar, timber, beverages, textiles and agroforestry have driven growth for many years,” she said. “But when markets weaken, the entire economy feels the strain.”
Mulela emphasised that EswatiniBank continues to channel funding into agriculture, supporting enterprises along the entire chain – from crop production to processing industries. She explained that this financing model is designed to boost productivity while reinforcing national development priorities.
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