African Leaders Lack Basic Economic Knowledge To Develop Continent – Obasanjo

Former President of Nigeria, Olusegun Obasanjo, has criticized African leaders, stating that many of them lack the fundamental economic knowledge required to drive sustainable development on the continent.

Obasanjo made this assertion during a panel session at the 32nd Afreximbank Annual Meetings (AAM2025), which took place on Thursday in Abuja.

Speaking on the theme “African Renaissance in an Era of Turbulence: Are the Lions Still on the Move?” the former president said the lack of understanding of economic principles among African leaders has contributed to widespread underdevelopment, corruption, and over-reliance on foreign aid.

“How many of our leaders even understand basic economics to be able to run the affairs of their country?” Obasanjo asked. “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.”

Obasanjo also questioned the relevance of Western-style liberal democracy in the African context, arguing that the continent’s inherited political systems have failed to address its unique challenges.

“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 said.

He advocated for a return to Africa’s traditional governance structures, which he described as being rooted in consensus, communalism, and collective responsibility. According to Obasanjo, these indigenous systems offer more inclusive and effective models of governance compared to the Western systems currently practiced.

The session attracted stakeholders from across the continent and focused on the evolving challenges and opportunities facing Africa in the current global economic climate.