By Ebi Kesiena
Former Nigerian President Olusegun Obasanjo has identified a lack of economic literacy among African leaders as a major obstacle to the continent’s sustainable development and self-sufficiency.
Speaking at the 32nd Afreximbank Annual General Meeting in Abuja, Obasanjo lamented that Africa’s most promising nations have failed to translate their demographic and resource advantages into meaningful economic progress.
Obasanjo attributed this failure to mismanagement, corruption, and a poor grasp of global economic dynamics. He emphasised the need for African leaders to gain economic literacy and political courage to reform the systems holding the continent back.
The former president urged African nations to generate their own funding internally rather than relying on foreign aid. He suggested investing in agriculture and intra-African trade to reduce reliance on food imports and foreign currency.
Also, Obasanjo called for central banks to support Afreximbank’s initiative to promote intra-African trade using local currencies. He cited Ethiopia’s transformation into a wheat-exporting country as a success story that could be replicated continent-wide, potentially saving Africa $40 billion annually through food self-sufficiency.
“Let us learn from ourselves and among ourselves, and let us then get the lions to move,” Obasanjo stated, emphasising the need for African nations to take charge of their economic destiny.
