Former President Olusegun Obasanjo has criticised Africa’s political elite for “lacking” the basic economic knowledge needed to drive the continent’s development, blaming this deficiency for underdevelopment, corruption, and dependency on foreign aid.

Speaking on the theme ‘African Renaissance in an Era of Turbulence: Are the Lions Still on the Move?’ Obasanjo called for a re-evaluation of Africa’s governance systems, arguing that Western liberal democracy, inherited from colonial powers, no longer serves the continent’s best interests.

Obasanjo emphasized that indigenous systems—centered on consensus, shared responsibility, and communal values—could offer more inclusive and effective leadership frameworks. He also expressed frustration at Africa’s ongoing dependence on foreign aid, arguing that self-reliance is both necessary and possible for long-term progress.

He identified Nigeria, Egypt, Ethiopia, the Democratic Republic of the Congo, and South Africa as major regional influencers, with Kenya, Senegal, and Morocco also having the capacity to lead the continent’s transformation. However, he noted that these “lions” have yet to fully meet their potential.

 On a positive note, he highlighted Ethiopia’s recent achievement of wheat self-sufficiency after conflict, and praised the Afreximbank’s Pan-African Payment and Settlement System (PAPSS) as a key tool for boosting economic integration through local currency-based trade.

READ ANOTHER STORY HERE https://classic94.fm/president-tinubu-signs-four-new-tax-bills-into-law/