Former President Olusegun Obasanjo has criticised Africa’s political elite for “lacking” the basic economic knowledge needed to drive the continent’s development, blaming this deficiency for underdevelopment, corruption, and dependency on foreign aid.
He noted that many African leaders do not have a clear understanding of basic economics to administer the affairs of their country, saying this has become a major issue.
The octogenarian made the allegations during a panel session at the 32nd Afreximbank Annual Meetings (AAM2025) in Abuja yesterday.
“Look at how we go about borrowing and wasting money. Waste and corruption—they are strange bedfellows of development. And that is what most of our leaders engage in.”
Speaking on the theme ‘African Renaissance in an Era of Turbulence: Are the Lions Still on the Move?’ Obasanjo called for a re-evaluation of Africa’s governance systems, arguing that Western liberal democracy, inherited from colonial powers, no longer serves the continent’s best interests.
“In most African languages, opposition is the enemy. Where do you talk of a loyal enemy? Our democracy is not a democracy—it is a monocracy. You buy everyone; you become treasurer, and the money goes into your pocket,” he said.
According to him, Africa’s traditional systems—based on consensus, communalism, and collective responsibility—offered better models for inclusive governance.
“In the African system, we never talk of opposition. We sit down, argue, and get a consensus. Not government versus opposition. Now is the time to say it is not working for us. Even for them, it’s not working,” he said.
Obasanjo, who lamented Africa’s continued dependence on aid, said: “We have lived too long on aid. Is that how Africa should be expecting to survive? I don’t believe so.
“We run to Japan; we run to China. But for how much? China will give $20 billion, which a single African country can generate if it is well governed,” the former president added.
He named Nigeria, Egypt, Ethiopia, the Democratic Republic of the Congo, and South Africa as key players—or “lions”—that should be driving Africa’s transformation, alongside Kenya, Senegal, and Morocco. But he said most are not living up to their potential.
However, he said, “The lions are there, but they are not moving as they should be moving. Until they do, Africa won’t move at the pace we expect.”
Obasanjo stressed that knowledge and policy rooted in African realities are essential for real progress.
“If we have knowledge, we will get the right policies from the community level to the national, sub-regional, and continental levels. And those policies will reflect the world we live in,” he said.
Despite the criticism, Obasanjo said Ethiopia’s post-war wheat self-sufficiency is proof that homegrown success is achievable. He also praised Afreximbank’s Pan-African Payment and Settlement System (PAPSS), which enables cross-border transactions in local currencies.
“For what reason do I have to look for euros or dollars when buying milk in Uganda?” he asked. “The producer in Uganda doesn’t want euros or dollars. He wants Ugandan shillings. I have Naira—why can’t I pay with Naira?”
He also called for introspection and unity: “Let us learn from ourselves and among ourselves. And let us get the lions to move. When the lions move, the cubs will follow—and together, we will move Africa forward.”
