Former President Olusegun Obasanjo has criticised Africa’s political leaders for lacking the fundamental economic understanding necessary to advance the continent’s development, attributing this gap to persistent underdevelopment, corruption, and dependence on foreign aid.
Speaking during a panel at the 32nd Afreximbank Annual Meetings (AAM2025) in Abuja on Thursday, the former president questioned the economic competence of African leaders:
“How many of our leaders even understand basic economics well enough to manage the affairs of their country?”
He also condemned poor borrowing practices and financial mismanagement across the continent:
“Look at how we borrow recklessly and waste resources. Waste and corruption—they go hand in hand and hinder development. Unfortunately, that is what many of our leaders continue to do.”
