Mteto Nyati at BNC#8: Eskom turnaround proves SA can grow - but 1% is “survival, not success”

In a frank BNC#8 keynote, Eskom chairman Mteto Nyathi says the end of loadshedding and Eskom’s return to profit show what capable leadership can achieve. But he warns South Africa’s modest growth remains far below its potential. Nyathi argues the country must unlock its vast mineral wealth, make it easier for business to invest and restore law and order if it hopes to lead the green industrial revolution..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox every morning on weekdays. Register here.Support South Africa's bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..Watch here:.Listen here:.Edited transcript of the Keynote Speech .Mteto Nyati:Thank you very much for that warm welcome. As chairman of Eskom, I don’t usually receive such warm receptions when I’m invited to speak, so I truly appreciate it. Thank you, Alec, for the invitation.Reflecting on the speakers earlier today and what Peter Major shared about the great scientists who shaped our world — Galileo Galilei, Isaac Newton and Albert Einstein — I think he forgot to mention one more person from a different generation and background. That person is myself.So good afternoon, ladies and gentlemen.Fellow South Africans — proud South Africans, frustrated South Africans and hopeful South Africans. It is a privilege to stand here and reflect on an important question:Where is South Africa going?That is the question I was asked to address today. I am not Helen Zille or President Cyril Ramaphosa, so I will not approach it from a political perspective. I will instead look at it through the lens of energy — through the lens of Eskom.Charles Dickens opened A Tale of Two Cities with the famous words:"It was the best of times, it was the worst of times."If there was ever a line that captured South Africa in early 2026, this would be it.For the first time in years, loadshedding has effectively ended. Eskom has posted a profit after a decade of losses. Inflation has been tamed. The rand has stabilised. And for the first time in a generation, South Africa has recorded four consecutive quarters of positive GDP growth.These are not small wins.They are proof that capable leadership, discipline and focus can turn the ship.When the Eskom board appointed Dan Marokane — an ethical, experienced and capable leader — as our Group CEO, some were quick to dismiss him. The Democratic Alliance even said he did not inspire confidence.I often wondered what they saw that made them reach that conclusion so quickly. Then it occurred to me — perhaps they looked at the shape of his nose and decided there was no way this man could lead Eskom.But look at where we are today.No loadshedding.Black ink on our books.A utility that is focused on its mission.It turns out competence inspires confidence — and results inspire confidence even more.Sometimes you simply have to let your work speak louder than the press releases.But while there are reasons to celebrate, we must also confront the reality.South Africa’s growth last year was just about 1%. The projection for 2026 is around 1.6%.That is not a growth rate.That is a survival rate.It is nowhere near our potential. South Africa should be growing at 4% to 6% consistently.At our current pace, it could take us another century to reach where we should already be today.The Government of National Unity was a masterstroke of political pragmatism — a rainbow coalition born out of necessity that brought stability.But stability is not growth.The GNU has been cautious and incremental. It has often avoided the difficult conversations that we need to have as a country.We should have seen intense debates between the ANC and the DA about the direction of the economy. Those debates might have been messy, but they would have helped us define a clear national agenda.Instead, too often we see political parties criticising one another rather than confronting the real issues.We still need that national conversation.What does national interest mean for South Africa?What choices must we make to unlock growth?Even having that discussion would clarify our path forward.In my view, we need a GNU that is bolder, more decisive and grounded in reality rather than fragile consensus.We need leaders who understand that ideology is the enemy of progress.Deng Xiaoping once said:"It does not matter whether the cat is black or white, as long as it catches mice."In other words, if a policy delivers jobs, dignity, investment and growth, we should embrace it.South Africa sits on a treasure trove of resources.Platinum.Manganese.Chrome.Vanadium.Rare earth elements.These are the minerals the world desperately needs for the energy transition - for batteries, renewable technologies, aerospace and defence industries.The green industrial revolution is already here.And South Africa is geologically blessed to lead it.But there is a problem.We cannot beneficiate a single gram of those minerals without affordable, reliable and secure energy.That is why Eskom matters.You can have all the dreams in the world about beneficiation and industrialisation, but without fixing Eskom those dreams remain dreams.Some people pray every day for Eskom to collapse because of the pain it caused during the years of loadshedding.But that would be deeply shortsighted.South Africa does not need Eskom to fail.South Africa needs a strong, world-class Eskom.Not just to power our own economy, but to power growth across the entire region.That is why Eskom is being reformed.We are unbundling the utility into generation, transmission and distribution — not privatising it.Each part will have clear focus and accountability. Competition will be introduced where appropriate, and private capital will be welcomed where it accelerates delivery.We are fixing our generation fleet.We are rolling out smart meters to combat illegal connections.And we are forming intelligent partnerships across the energy ecosystem.The goal is simple:Affordable, abundant energy.Energy that powers our mines, our smelters and our cities.Energy that enables new industries such as green steel, hydrogen and battery manufacturing to take root here in South Africa - not somewhere else in the world.Geopolitically, South Africa says it is non-aligned.We say we trade with everyone.We say we take no sides.We say we put South Africa first.But in practice we sometimes see selective partnerships.True non-alignment only works if we are strong internally.A strong economy.Strong institutions.Strong rule of law.Which brings me to three non-negotiables.First: we must appoint ethical and capable leaders everywhere.In Eskom.In municipalities.In government departments.In hospitals.In schools.Leadership matters.Cadre deployment has cost us dearly.Competence deployment can rebuild us.Second: we must make it easy to do business in South Africa.Business is not the enemy of government.Business is its partner.Every day we should be asking: how do we remove obstacles for entrepreneurs and investors?Third: we must restore law and order.There is no functioning society where criminals walk free while citizens live in fear.Visible policing.Swift justice.Zero tolerance for corruption.These are not radical ideas.They are basic principles followed by successful countries around the world - countries like Singapore, South Korea and even Rwanda on our own continent.Technology also gives us reason for optimism.Having worked at IBM, Microsoft and Altron, I have seen how technological change reshapes economies.Artificial intelligence, digital infrastructure and biotechnology are creating enormous new opportunities.They will also drive demand for electricity - which is good news for Eskom.More importantly, South Africa’s young people are already innovating, coding and exporting services to the world.What they need from us is the platform:energy, connectivity and education.If we provide that platform, they will build the next wave of South Africa’s economy.The choice before us is clear.We can drift.We can complain.We can blame.Or we can decide together to become the African economic powerhouse we were always meant to be.South Africans are resilient.We are pragmatic.We solve problems.As I wrote in my book Betting on a Darkie:"When people transcend their differences and work together toward a common goal, greatness becomes possible."Peter Drucker once said:"The best way to predict the future is to create it."So let us stop predicting decline.Let us start creating success.Business, government and citizens - black, white, brown, young and old - working together.Driving growth.Creating jobs.Restoring dignity.South Africa is not a lost cause.In fact, it is a sleeping giant.But unlocking that potential requires each of us to play our part.Thank you very much.

Mteto Nyati at BNC#8: Eskom turnaround proves SA can grow - but 1% is “survival, not success”

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