The excessive dependence of Africa in foreign aid, poor leadership, corruption and a defective democratic system have been related to the lack of progress of the continent.
The former president, Olusegun Obasanjo, declared this on Thursday while talking in the state of Africa at the 32nd Annual Meeting of Affreximbank in Abuja.
Obasanjo said that the most populated and rich countries in Africa have failed to achieve significant growth due to systemic inefficiencies and wrong governance.
He stressed that countries such as Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo and South Africa should lead the development of the continent given its demographic, resources or economic strengths, and added that the growth of these countries has been delayed.
He admitted that although Egypt has made remarkable progress, others have retreated or stagnant in the last three decades, often taking two steps forward and one step back, and described these countries as 'lions' that do not move economically or politically to raise the smallest or less endowed African states.
Obasanjo emphasized that the potential for African collective progress still has a little unless these countries begin to show significant growth and leadership, arguing that Nigeria, in particular, has an immense potential but remains chained by corruption, ignorance and persistent dependence on foreign assistance.
Contenting the prevailing trend among African leaders to seek foreign loans and help instead of taking advantage of the wealth and internal capacity of the continent, Obasanjo said: “We all hurry to China to borrow $ 20 billion, however, an African country can only generate that type of money nationwide. But we will not do it because we are addicted to foreign aid.
Obasanjo blamed this failure to a fundamental lack of economic literacy among African leaders, arguing that many do not have a firm understanding of the functioning of the global economy and, therefore, are poorly equipped to position their countries competitively.
He said: “How much of the world do our leaders understand? If we understand it, we will do things well not only nationwide, but at the community level, subregional and continental.”
Obasanjo said that, apart from economic concerns, Western liberal democracy inherited from colonial powers has not delivered the results of governance that Africa needs.
He pointed out that democracy in the continent is being reduced to 'monetocracy', a system in which money determines leadership and frown before the winning mentality that leaves private opposition parties and hollow democratic processes.
Obasanjo declared: “We must interrogate this system provided and reimagine a governance structure that works for us, one rooted in our realities, values ​​and aspirations.”
He asked for urgent and deeper collaboration among African leaders, noting that unity and cooperation are essential to address cross -border challenges and boost significant development.
In addition, he emphasized the need for a continental agricultural revolution, citing Ethiopia's success in wheat production as a model for the rest of Africa, and said: “If Ethiopia can become a wheat exporting country, it can also others. That is the type of history that we need to replicate the continent.”
The former president projected that Africa could save at least $ 40 billion annually if he achieved food self -sufficiency, and urged governments to prioritize investment in agriculture, not only for economic gain, but also to guarantee food security, reduce import dependence and generate employment for millions.
In addition, he said that the need to strengthen intraafrican trade through the adoption of local currencies for transactions, noting that reducing the dependence of the US dollar continent in trade would reinforce regional economic resilience and promote African financial sovereignty.
Obasanjo also urged African leaders to adopt transformative reforms, saying: “We need bold action, internal reflection and 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.”
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