Obasanjo Criticizes African Leaders for Economic Ignorance, Urges Reform

 Former President Olusegun Obasanjo lambasted Africa’s political class for lacking basic economic knowledge, arguing their incompetence fuels poverty across the continent. Obasanjo highlighted how poor policy decisions have left Africa with a $1.4 trillion GDP deficit compared to Asia’s growth since 2000.

Obasanjo pointed to Nigeria’s 33% inflation and 4.2% unemployment in 2024 as symptoms of leaders’ failure to grasp fiscal and monetary dynamics. He cited Africa’s $200 billion annual infrastructure funding gap, noting that only 10% of leaders prioritize industrialization over populist projects. He urged governments to invest in education, with 60 million African children out of school, and to adopt data-driven policies, like Rwanda’s 7% GDP growth model.

The critique follows Obasanjo’s 2024 denial of discussing IPOB leader Nnamdi Kanu’s release, clarifying his focus on regional development. He called for a 50% increase in intra-African trade by 2030, leveraging the African Continental Free Trade Area to reduce reliance on $500 billion in foreign aid. 

Critics, including Nigeria’s APC, dismissed his remarks as self-serving, citing his own presidency’s $16 billion power sector losses. Obasanjo’s summit proposed a 2026 African economic charter to enforce accountability, with 20 countries endorsing the initiative.