Former Nigerian President Olusegun Obasanjo has knocked Africa’s political leadership, asserting that a lack of fundamental economic understanding is hindering the continent’s progress.
Speaking at a panel session during the 32nd Afreximbank Annual Meetings (AAM2025) in Abuja, the elder statesman attributed persistent underdevelopment, corruption, and reliance on foreign aid to this shortfall in economic literacy.
“How many of our leaders even understand basic economics to be able to run the affairs of their country? 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,” he said.
While speaking on the theme ‘African Renaissance in an Era of Turbulence: Are the Lions Still on the Move,” the ex-president 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.
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“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 added.
He added that Africa’s traditional frameworks—rooted in consensus, communal values, and shared responsibility—provide more effective models for inclusive governance.
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