Hails AfCFTA as game-changer, says agriculture can unlock $40 billion annually
•Declares democracy not working, waste, corruption hamper growth
James Emejo in Abuja
Former President Olusegun Obasanjo, yesterday said African countries must collaborate to realise their economic aspirations, noting that growth had retarded in the continent in recent times.
He spoke at the 2025 Annual Meetings of Afreximbank, with the theme, “Building the Future on Decades of Resilience”, in Abuja.
Obasanjo said for Africa to achieve economic prosperity, its leading economies including Nigeria, Egypt, Ethiopia, Democratic Republic of Congo (DRC) and South Africa among other, must first grow as expected before helping weaker economies such as Morroco, Kenya and Senegal to grow.
He alluded to the fact that economic prosperity cannot be realised in isolation – as stronger economies needed to pull the weaker ones along to achieve an all-round growth that will be inclusive.
But he expressed worry that the so-called major economies have themselves experienced slower growth, talk of assisting smaller countries.
Referring to them as “lions and cubs”, the former president said stronger and weaker nations must work together to clear economic obstacles and trade with one another.
Yet, he declared that there are “country’s that must make it (grow) for Africa to make it together.”
He said, “If they (major African economies) are moving forward they will move Africa forward – But are they moving?”
However, he hailed the African Continental Free Trade Area (AfCFTA) agreement as what the continent appeared to have gotten right – given its ability to facilitate intra- Africa trade.
He also commended Afreximbank for ongoing initiatives to evolve an African payment system that will encourage trade within the continent as well as de-emphasised reliance on the dollar and other major currencies in the world.
Obasanjo declared that Nigeria had not been growing steadily as it ought to – sometimes recording positive growth rate only to regress at other times.
In general, he said Africa had achieved minimum growth, then retrogressed and retarded.
He said, “Lions have not moved as they should before moving the continent. We can get the lions to move, and cubs will follow.”
He stressed that Africa must move collectively towards achieving economic targets as well as invest in knowledge, querying how much political leaders know about the obligations of the international community to Africa. He maintained that knowledge was crucial at all levels of government.
“We cant expect the world to give us what the world can’t give,” he said.
Obasanjo further lamented that the continent depended too much on foreign aid, adding that there must be substitute for aid?
“We won’t get it right that way,” he added.
The former president also questioned why Africa can’t be food secure, noting that food sufficiency can unlock $40 billion annually for the continent.
He pointed out that in the 1980s, Ethiopia had a terrible drought which threatened its food security, adding that the country later overcame the situation, and became a net exporter of wheat.
He said, “How come we cannot feed ourselves”?
Obasanjo also called for a review of current democratic principles in Africa, recommending a return to communism.
He said Africa needed to internalised and interrogate western liberal democracy as it’s no longer delivering results.
He said this would ensure that those aspects which are not relevant to society were reviewed.
He said unlike in Nigeria where opposition voice is crushed and seen as enemy, everybody works together in a communal ideology.
He said, “Before advent of colonialsm we work together…time has come to say its (democracy) not working for us.”
He added that democracy appeared to have been monetised (monitocracy), serving the selfish interest of those in power.
He Africa must nonetheless, continue with positive initiatives such as the AfCFTA among others.
He said, “Afrexim has made currency to trade within. Why look for euro and dollar? Why can’t we transact in local currencies?
He urged central banks to unite towards making African local currencies more relevant in In yeah African trade.
Among other things, he said waste and corruption could continue to hamper growth and development of the continent