Former President Olusegun Obasanjo has delivered a scathing assessment of Africa’s leadership and governance, accusing key nations of dragging the continent backward due to corruption, poor economic management, and blind adoption of Western-style democracy.
Speaking at the 32nd Annual Meeting of Afreximbank in Abuja, Obasanjo singled out Nigeria, Egypt, South Africa, Ethiopia, and the Democratic Republic of Congo as the “lions” of Africa that have failed to drive the continent’s development despite their vast population and natural resources.
“These are the countries that should be pulling the rest of Africa forward,” he said.
“But they have either stagnated or taken one step forward and two steps back. Until the lions begin to move, Africa will remain stuck.”
While commending Egypt for measurable economic strides, Obasanjo criticised Nigeria and others for remaining trapped in foreign debt, systemic corruption, and lack of innovation.
“We all rush to China to borrow $20 billion, yet one African country alone can generate that amount domestically,” he said.
“We’re addicted to foreign help, and that won’t take us forward.”
He denounced Africa’s version of Western democracy, calling it “monetocracy” a system where money buys power, dissent is suppressed, and elections lack true competitiveness.
“We must interrogate this borrowed system and reimagine governance to reflect African values and realities,” Obasanjo said.
He praised Ethiopia’s wheat revolution, which has turned the country into a net exporter, urging other African nations to prioritize food security and reduce import dependency. According to him, Africa could save over $40 billion annually by becoming self-sufficient in food production.
Obasanjo also pushed for a continental shift to local currencies in intra-African trade to reduce reliance on the U.S. dollar and boost economic independence.
Concluding, the elder statesman called for bold reforms, regional cooperation, and a new generation of leaders with the political courage to break old cycles.
“Without movement from our lions, meaningful progress for Africa will remain elusive,” he warned.
