Former Nigerian President Olusegun Obasanjo has sharply criticised Nigeria and other major African countries for relying heavily on foreign aid, poor leadership, and failing to meet democratic standards.
Speaking on Friday at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank) in Abuja, Mr Obasanjo said the continent’s so-called “giants” , including Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo, and South Africa, have not lived up to their potential.
“These are countries with the population, resources, or economic size to lead Africa forward,” he said. “But instead, many of them are stuck, moving two steps forward and one step back.”
While acknowledging Egypt’s recent progress, Mr Obasanjo noted that others have either stagnated or regressed in the past three decades.
He warned that Africa’s overall development will remain limited unless these leading nations begin to show real leadership and measurable growth.
Focusing on Nigeria, Mr Obasanjo described the country as one with great potential but held back by corruption, ignorance, and a deep dependency on foreign assistance.
“We all rush to China to borrow \$20 billion, yet one African country alone has the capacity to generate that kind of money internally,” he said. “But we won’t, because we’re addicted to foreign help. That is not how we will move forward.”
He blamed much of Africa’s economic struggles on a lack of understanding among its leaders, saying many do not fully grasp the workings of the global economy.
“How much of the world do our leaders even understand?” he asked. “If we truly understood it, we’d be getting things right, not just nationally, but at regional and continental levels too.”
Mr Obasanjo’s remarks come amid growing concerns over African debt levels, especially with rising interest rates and tighter global financial conditions.