At the 32nd Annual Meeting of Afreximbank in Abuja, former Nigerian President Olusegun Obasanjo delivered a fiery indictment of Africa’s development trajectory, calling out the continent’s largest nations for failing to lead.
In his signature blunt style, Obasanjo declared that Africa’s “sleeping lions” — Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo, and South Africa — have become economic laggards, weighed down by corruption, poor governance, and a chronic dependence on foreign aid.
“These countries have everything — the people, the resources, the potential. Yet, they are not moving. And until the lions begin to move, the rest of Africa will remain stuck,” he said to a packed audience of policymakers and financiers.
While acknowledging Egypt’s moderate progress, Obasanjo lamented that others — particularly Nigeria — have either stagnated or moved backward in the last three decades.
Africa’s Addiction to Foreign Help
At the heart of Africa’s dilemma, Obasanjo argued, is a crippling reliance on external assistance.
“We all run to China or the West to borrow $20 billion. Meanwhile, one African nation alone can raise that amount domestically — but we won’t. We’re addicted to foreign help,” he said.
He stressed that this dependency has created a culture of complacency and economic illiteracy among African leaders, many of whom, he claimed, lack a basic understanding of the global economic order.
“How much of the world do our leaders really understand? Without this understanding, we can’t position ourselves to compete — not regionally, not globally.”
A Democracy That Doesn’t Work
Obasanjo also took aim at Africa’s political system, questioning the viability of Western-style democracy on the continent.
“What we practice is not democracy — it’s monetocracy. Leadership is bought, not earned. Opponents are shut out. We must reimagine a system that works for us — built on our own values, not borrowed templates.”
He warned that until governance structures are fixed to promote inclusion, transparency, and long-term planning, real development will remain elusive.
A Call for Unity and Reform
Obasanjo said the only path forward lies in bold internal reform, regional integration, and fearless political will. He urged African leaders to deepen collaboration, harmonise policies, and act with the urgency the continent’s challenges demand.
He pointed to Ethiopia’s agricultural transformation as a shining example of what’s possible.
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“If Ethiopia can go from importer to wheat exporter, so can others. Imagine what we can achieve if each country took food production seriously. Africa could save $40 billion a year just by feeding itself,” he noted.
Trading in Our Own Currency
To strengthen African economies and reduce dependence on the dollar, Obasanjo also called for the use of local currencies in intra-African trade.
“This is how we protect ourselves, build resilience, and gain real economic sovereignty.”
‘Africa’s Future Is Africa’s Responsibility’
The former president’s message was clear: Africa’s transformation won’t come from Washington, Beijing, or Brussels — it must come from within.
“The time for excuses is over. We need leaders who understand, who care, and who act. Africa must stop crawling. The lions must move.”