Nigeria’s former President, Chief Olusegun Obasanjo, has blamed Africa’s slow pace of development on over-reliance on foreign aid, corruption, poor leadership, and a flawed democratic system.
Speaking on Thursday at the 32nd Annual Meeting of Afreximbank in Abuja, Obasanjo said Nigeria, despite its immense resources, remains shackled by systemic inefficiencies, corruption, and a persistent dependence on external assistance.
Sharing his perspective on the continent’s trajectory, Obasanjo said Africa’s “lions”—its most populous and resource-rich nations—have largely failed to drive meaningful growth or uplift smaller countries in the region.
He identified Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo, and South Africa as countries that should be leading Africa’s development charge, based on their economic and demographic strength. However, he lamented that except for Egypt, the others have stagnated or regressed over the past three decades.
“These nations have taken two steps forward and one step back for years. They are not growing fast enough—economically or politically—to inspire or support the rest of Africa,” Obasanjo said.
He expressed pessimism about the continent’s future, warning that Africa’s progress will remain limited unless these key countries begin to show decisive leadership and growth.
Obasanjo criticised the continent’s leaders for rushing to borrow from foreign countries like China while ignoring the domestic potential for wealth generation.
“We all rush to China to borrow $20 billion, yet one African country alone can generate that kind of money domestically. But we won’t, because we are addicted to foreign help. That is not how we will move forward,” he said.
He attributed much of this failure to what he described as a lack of economic literacy among African leaders, noting that many do not understand global economic dynamics and are, therefore, unable to position their countries competitively.
“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,” he added.
Obasanjo also questioned the suitability of Western liberal democracy for Africa, describing it as a borrowed system that has failed to deliver needed governance outcomes.
He criticised what he called the continent’s “monetocracy”—where money determines leadership—and the winner-takes-all approach that alienates opposition voices.
“We must interrogate this borrowed system and reimagine a governance structure that works for us—one rooted in our realities, values, and aspirations,” he said.
The former president called for deeper collaboration among African leaders to address cross-border challenges and drive regional development.
He highlighted Ethiopia’s transformation into a wheat-exporting country as a model for the continent, stressing the need for an agricultural revolution across Africa.
“If Ethiopia can transform itself into a wheat-exporting country, so can others. That’s the kind of story we need to replicate continent-wide,” he stated.
Obasanjo estimated that Africa could save at least $40 billion annually by achieving food self-sufficiency and urged governments to prioritise investment in agriculture for food security, employment generation, and economic independence.
He further advocated for the adoption of local currencies in intra-African trade to reduce dependence on the U.S. dollar, enhance regional economic resilience, and promote financial sovereignty.
Concluding, Obasanjo called on African leaders to embrace transformative reforms.
“We need bold action, internal reflection, and the political courage to change the systems that are failing us. Until the lions begin to move, the rest of the continent will remain stuck,” he said.
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