Former President Olusegun Obasanjo has issued a scathing critique of Nigeria and other African powerhouses, accusing them of stunted growth due to overdependence on foreign aid, weak leadership, and failure to fully embrace democratic principles.
Obasanjo, speaking on Friday at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank) in Abuja, lamented that countries like Nigeria, Egypt, South Africa, Ethiopia, and the Democratic Republic of Congo have underperformed despite having the demographic and resource advantages to drive the continent’s development.
“Africa’s so-called giants are not pulling their weight,” Obasanjo declared. “Except for Egypt which has shown some signs of progress, others like Nigeria continue to move in circles — two steps forward, one step back.”
The former president decried what he described as an “addiction to foreign help,” warning that the continent cannot chart a sustainable development path by constantly relying on loans and aid from external powers.
“We all run to China to borrow $20 billion, meanwhile one African country alone has the capacity to generate that amount internally. But we don’t — because we are hooked on foreign help,” he said pointedly.
Obasanjo also linked the continent’s slow progress to a worrying deficit in economic literacy among its leaders.
He suggested that many African policymakers lack a basic understanding of how global economies function, leaving them unable to craft effective policies or negotiate international deals in the continent’s best interests.
“Nigeria has immense potential,” he said, “but corruption, ignorance, and poor governance continue to hold the country back.
“Until we break these chains, we’ll remain spectators in a global economy where we should be key players.”
He further stressed that without a shift in mindset and policy direction, the continent’s aspirations for prosperity and autonomy will remain elusive.
Obasanjo’s comments add to the growing chorus of voices calling for a homegrown development agenda that prioritizes economic independence, good governance, and regional cooperation over dependence on external donors.
The Afreximbank annual meeting, which drew financial and political leaders from across the continent, focused on unlocking intra-African trade and strengthening financial resilience — themes Obasanjo said are only achievable with visionary leadership from within Africa itself.
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