South African opposition leader Julius Malema has cautioned African nations against borrowing from Bretton Woods institutions, warning that such loans risk mortgaging the continent’s future.

Malema, leader of the Economic Freedom Fighters (EFF), issued the warning on Sunday in Enugu while delivering the keynote address at the opening of the Nigerian Bar Association (NBA) Annual General Conference. He described such loans as a “debt trap” that enslaves future generations to foreign powers.

“The debt trap of Africa to our foreign colonisers must be stopped, and that begins by regulating these loans that our leaders commit future generations to, because they will not be there when the colonisers come to collect,” Malema told participants.

He revealed that the South African parliament, through the Public Finance Management Amendment Bill introduced by the EFF, is seeking tighter controls on foreign borrowing. The bill would mandate parliamentary approval for external loans and require the National Treasury to disclose all conditions attached.

Malema also praised Nigeria for its role in the anti-apartheid struggle and urged deeper collaboration between Africa’s two largest economies to drive continental progress.

“Combined, we possess the minerals that power modern technology, the energy resources that fuel global industry, and the human capital to build a self-sufficient continent. The path forward is clear: Nigeria and South Africa must industrialise together, build factories together, and process our resources on African soil,” he said.

Rejecting dependence on external powers, the firebrand politician stressed that Africa’s destiny must be shaped by Africans themselves.

“Our salvation will not come from Washington, London, Brussels, or Beijing. It lies here, in Lagos and Johannesburg, in Abuja and Pretoria, in the hands of Africans who refuse to be divided,” Malema declared to thousands of lawyers and dignitaries in attendance.