Posted by Samuel on Fri 27th Jun, 2025 - tori.ng
The octogenarian stated this during a panel session at the 32nd Afreximbank Annual Meetings (AAM2025) in Abuja on Thursday.
Former Nigerian President Olusegun Obasanjo has criticized Africa’s political elite, stating that they lack the fundamental economic understanding required to effectively advance the continent’s development.
Obasanjo blamed the deficiency for underdevelopment, corruption, and dependency on foreign aid.
The octogenarian stated this during a panel session at the 32nd Afreximbank Annual Meetings (AAM2025) in Abuja on Thursday.
“How many of our leaders even understand basic economics to be able to run the affairs of their country? Look at how we go about borrowing and wasting money. Waste and corruption, they are strange bedfellows of development. And that is what most of our leaders engage in,” he said.
While speaking on the theme ‘African Renaissance in an Era of Turbulence: Are the Lions Still on the Move,” the ex-president called for a re-evaluation of Africa’s governance systems, arguing that Western liberal democracy, inherited from colonial powers, no longer serves the continent’s best interests.
“In most African languages, opposition is the enemy. Where do you talk of a loyal enemy? Our democracy is not a democracy—it is a monocracy. You buy everyone; you become treasurer, and the money goes into your pocket,” he added.
He further said that Africa’s traditional systems, based on consensus, communalism, and collective responsibility offered better models for inclusive governance.