Former President Olusegun Obasanjo has blamed Africa’s persistent underdevelopment on weak leadership, ignorance of basic economic principles, and blind adoption of foreign governance models, warning that the continent’s continued reliance on aid is no longer tenable.
Speaking on Thursday during a panel session at the 32nd Afreximbank Annual Meetings in Abuja, the former Nigerian leader questioned the economic literacy of many African presidents and their ability to drive meaningful development.
“How many of our leaders even understand basic economics to be able to run the affairs of their country?” Obasanjo asked pointedly. “Look at how we go about borrowing money and wasting money. Waste and corruption—they are strange bedfellows of development. And that is what most of our leaders engage in.”
The session, themed “African Renaissance in an Era of Turbulence: Are the Lions Still on the Move?”, was moderated by CNBC Africa’s Senior Anchor, Fifi Peters, and focused on the challenges stalling Africa’s rise.
Obasanjo singled out Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo, and South Africa as “lions” that should be powering Africa’s growth, alongside emerging players like Kenya, Senegal, and Morocco. But he said most of these countries are either stagnant or failing to lead.
“The lions are there. They are not moving as they should be moving. And they have to move as they should move before you get Africa really as a continent moving as we expect it to move,” he said.
He emphasized that poor political systems are central to the problem, arguing that economic policy cannot be isolated from political realities. “You cannot talk of economics without touching on politics because politics is the master of economics,” he added.
Obasanjo also criticised the widespread adoption of Western-style liberal democracy, saying it is often misaligned with Africa’s indigenous governance values and practices.
“Western liberal democracy, which we inherited from our colonial masters, needs to be internalised and interrogated,” he said. “In most African languages, opposition is the enemy. Where do you talk of a loyal enemy?”
He went further to describe Africa’s political system not as a democracy, but as a “monitocracy.”
“Our democracy is monitocracy. Not democracy. Monitocracy. Which means you buy… You will buy for everybody. And you will be the treasurer. And then the money that comes in will, of course, go into your pocket,” he said, to audible reactions from the audience.
The former president also called for a break from Africa’s dependence on foreign aid and donors, saying the continent’s abundant human and natural resources should be sufficient to drive growth—if managed properly.
“We have lived too long on aid. Is aid the way that Africa should be expecting? I don’t believe so,” he said. “We run to Japan. We run to China. And all the African leaders run to China. For how much? China will give up $20bn. $20bn, which a country in Africa can produce more like that.”
He cited Ethiopia’s post-war wheat exports to neighbouring Kenya as an example of homegrown resilience, and praised Afreximbank’s promotion of intra-African trade using local currencies.
“For what reason do I have to look for euro or dollar when I’m buying milk in Uganda?” he asked. “The milk producer in Uganda doesn’t want euro or dollar. He wants Ugandan shillings. Why can’t we pay him in Ugandan shillings? I have my own Naira.”
Obasanjo ended his remarks by urging African governments to deepen regional collaboration, empower stronger economies to lead reform, and prioritize African-made solutions over borrowed models.
His speech received a standing ovation and trended online under hashtags such as #AfricanSolutions and #ObasanjoSpeaksTruth.
