Former President Olusegun Obasanjo has criticised Nigeria and other African countries for their overreliance on foreign aid, poor leadership, and failure to drive meaningful development. Speaking at the 32nd Annual Meeting of Afreximbank in Abuja, he said countries like Nigeria, Egypt, Ethiopia, South Africa, and the Democratic Republic of Congo are failing to meet expectations despite their demographic and resource advantages.
He noted that while Egypt has made progress, the others have either regressed or remained stagnant, often due to systemic inefficiencies and misgovernance. Obasanjo stressed that Africa’s development will remain limited unless its most influential nations begin to show credible leadership and consistent growth.
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He described Nigeria as a country with vast potential but one crippled by corruption, ignorance, and a habitual dependence on foreign loans. According to him, many African nations prefer to seek external funding rather than harness their own wealth and internal capacity.
Obasanjo blamed the trend on a lack of economic understanding among African leaders, saying their limited grasp of the global economy prevents them from positioning their countries competitively on the world stage.
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