Obasanjo Faults African Leaders, Says They Lack Economic Sense to Drive Development

|By Babatunji Wusu-

-Obasanjo Knocks African Leaders for Poor Economic Grasp
–Calls for Return to Indigenous Governance Models Over Western Democracy

Former Nigerian President, Olusegun Obasanjo, has blasted Africa’s political leaders, accusing them of lacking the basic economic knowledge necessary to move the continent forward.

Obasanjo, who spoke during a panel session at the 32nd Afreximbank Annual Meetings (AAM2025) in Abuja on Thursday, blamed Africa’s underdevelopment, corruption, and continued reliance on foreign aid on the ignorance of its leadership.

“How many of our leaders even understand basic economics to be able to run the affairs of their country?” he asked.
“Look at how we go about borrowing and wasting money. Waste and corruption are strange bedfellows of development. And that is what most of our leaders engage in.”

The 87-year-old statesman spoke under the theme: ‘African Renaissance in an Era of Turbulence: Are the Lions Still on the Move?’.

He criticized Africa’s adoption of Western-style liberal democracy, describing it as incompatible with the continent’s values and realities.

“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,” Obasanjo said.

He urged African nations to reconsider indigenous governance systems, which he said are rooted in consensus, communalism, and collective responsibility, as better alternatives to the Western political frameworks inherited from colonial rule.

Obasanjo’s comments come at a time when many African countries face mounting debt burdens, weak institutions, and growing calls for reform across the continent.