Former President Olusegun Obasanjo has raised alarm over the state of governance across Africa’s most prominent and populous countries, asserting that poor leadership and misgovernance have stalled the continent’s economic and political growth. Obasanjo made this bold declaration during a keynote session at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank) held in Abuja on Friday, June 27.
Speaking with unfiltered candour, Obasanjo criticised Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo (DRC), and South Africa—countries often referred to as Africa’s “lions”—for failing to fulfil their leadership roles in driving regional development.
“These countries are supposed to be the engines of growth for Africa,” he said, “but they are either crawling or in reverse. They are not moving with the speed or clarity of purpose required to uplift smaller or less endowed countries.”
He noted that while Egypt has shown progress, others like Nigeria and South Africa have remained stagnant or declined over the past three decades due to internal dysfunction and lack of vision.
Obasanjo took particular aim at the continent’s dependency on external loans and aid, lamenting the continued scramble for foreign assistance despite Africa’s enormous domestic wealth potential. “We all rush to China to borrow $20 billion,” he said, “yet one African country alone has the capacity to generate that kind of money domestically. But we won’t because we’re addicted to foreign help. That is not how we will move forward.”
He accused many African leaders of lacking a clear understanding of the global economic order, which, in his view, has led to misguided policies and missed opportunities.
The former president didn’t hold back on critiquing Africa’s adoption of Western-style democracy, which he described as ill-fitting and largely counterproductive in many contexts. He argued that democracy in Africa has mutated into “monetocracy”—a system where money, rather than vision or merit, determines leadership outcomes.
“We must interrogate this borrowed system and reimagine a governance structure that works for us—one rooted in our realities, values, and aspirations,” Obasanjo said, calling for a departure from the winner-takes-all mentality plaguing African politics.
He urged African nations to collaborate more closely and to implement policies that promote intra-continental trade. One of his key proposals was for countries to adopt local currencies in cross-border trade, thereby reducing reliance on the U.S. dollar and promoting financial independence.
“We cannot continue to depend on the dollar to trade among ourselves,” he stressed. “Using local currencies will enhance regional economic resilience and promote our financial sovereignty.”
Highlighting food security as both a threat and an opportunity, Obasanjo pointed to Ethiopia’s successful transition to a wheat-exporting nation as a blueprint for the rest of Africa.
“If Ethiopia can transform itself into a wheat-exporting country, so can others,” he noted, emphasizing that with the right leadership and policies, Africa could save up to $40 billion annually by achieving food self-sufficiency.
“Agriculture is not just about food. It is about jobs, foreign exchange, and industrial growth,” Obasanjo added.
In his closing remarks, the former Nigerian leader delivered a clarion call to Africa’s political elite: “We need bold action, internal reflection, and the political courage to change the systems that are failing us. Until the lions begin to move, the rest of the continent will remain stuck in place.”
Obasanjo’s speech served as both a wake-up call and a roadmap, urging African nations to break free from the chains of misgovernance and external dependency, and instead harness their internal strengths to foster inclusive and sustainable development.