Obasanjo Faults Africa’s ‘Lions’ for Stagnant Growth, Calls for Bold Reforms
By Patience Ikpeme
Former President Olusegun Obasanjo has stated that the continent’s most powerful nations, dubbed the ‘lions,’ have failed to lead the charge on development.
Speaking at the 32nd Annual Meeting of Afreximbank in Abuja, Obasanjo argued that countries such as Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo, and South Africa have not leveraged their demographic, resource, and economic strengths to drive meaningful continental progress.
According to Obasanjo, these nations have continued to record stunted growth over the past three decades. While he conceded that Egypt has made some notable strides, he expressed concern that the others have either regressed or stagnated, often advancing by taking “two steps forward and one step back.” He described these countries as economic ‘lions’ that are not moving with enough pace to uplift smaller or less endowed African states.
Obasanjo stated that the prospect for collective African progress remains dim unless these key countries begin to show meaningful growth and leadership. He argued that Nigeria, in particular, possesses immense potential but remains “shackled by corruption, ignorance, and a persistent dependence on foreign assistance.”
The former President directed sharp criticism at the prevailing trend among African leaders of seeking foreign loans and aid rather than harnessing the continent’s internal wealth and capacity. He attributed this failure to a fundamental lack of economic literacy among leaders, who, in his view, do not fully grasp the dynamics of the global economy.
“We all rush to China to borrow $20 billion, 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 said. He went on to question the foundational knowledge of African leaders, asking, “How much of the world do our leaders even understand? If we understand it, we will get things right not just nationally, but at the community, subregional, and continental levels.”
In addition to economic concerns, Obasanjo contended that the Western liberal democracy inherited from colonial powers has not delivered the governance outcomes Africa needs. He described democracy on the continent as being reduced to ‘monetocracy’, a system where money determines leadership. He also criticized the “winner-takes-all” mentality that leaves opposition parties disenfranchised and democratic processes hollow.
“We must interrogate this borrowed system and reimagine a governance structure that works for us, one rooted in our realities, values, and aspirations,” he stated.
Obasanjo also put forward several solutions for the continent’s challenges. He called for urgent and deeper collaboration among African leaders, viewing unity and cooperation as essential to tackle cross-border issues and drive development. He also conveyed the need for a continental agricultural revolution, citing Ethiopia’s success in wheat production as a model for the rest of Africa.
“If Ethiopia can transform itself into a wheat-exporting country, so can others. That’s the kind of story we need to replicate continent-wide,” he declared. Obasanjo projected that Africa could save at least $40 billion annually if it achieves food self-sufficiency, urging governments to prioritize investment in agriculture to ensure food security, reduce import dependence, and create millions of jobs.
He further conveyed the necessity of strengthening intra-African trade by adopting local currencies for transactions. He believes that reducing the continent’s dependence on the U.S. dollar in trade would bolster regional economic resilience and promote African financial sovereignty.
In his closing remarks, Obasanjo urged African leaders to embrace transformative reforms. “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,” he concluded.
