By Emmanuel Kwada
Former Nigerian President Olusegun Obasanjo has lambasted Africa’s largest economies, including Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo, and South Africa, for their sluggish growth, attributing it to overreliance on foreign aid, corruption, and poor leadership.
Two steps forward and one step back
Speaking at the 32nd Annual Meeting of Afreximbank in Abuja, Obasanjo lamented that these countries, despite their demographic and economic strengths, have failed to drive meaningful growth, often taking “two steps forward and one step back.”
He noted that Nigeria, in particular, has immense potential but remains shackled by systemic inefficiencies, corruption, and a persistent dependence on foreign assistance.
Obasanjo criticized African leaders for seeking foreign loans and aid instead of harnessing the continent’s internal wealth and capacity. “We all rush to China to borrow $20 billion, yet one African country alone has the capacity to generate that kind of money domestically. But we won’t because we’re addicted to foreign help.”
He also blamed African leaders’ lack of economic literacy for their inability to position their countries competitively in the global economy. “How much of the world do our leaders even understand? If we understand it, we will get things right not just nationally, but at the community, subregional, and continental levels.”
How much of the world do our leaders even understand?
Obasanjo highlighted the potential for Africa to save $40 billion annually by achieving food self-sufficiency, citing Ethiopia’s successful transformation into a wheat-exporting nation as a model for others. He also advocated for the use of local currencies in intra-African trade to reduce dependence on the US dollar and promote financial sovereignty.
Obasanjo’s remarks serve as a wake-up call for African leaders to rethink their approach to economic development and adopt more self-sufficient and sustainable strategies.
As the continent continues to face significant challenges, his words underscore the need for bold reforms and collective action to drive growth and prosperity.
