During a candid and thought-provoking fireside chat at the ongoing Intra-African Trade Fair (IATF 2025), former Nigerian President, Olusegun Obasanjo, issued a powerful warning to African leaders: global financial institutions like the World Bank and IMF were not designed to serve Africa’s development interests.
Moderated by CNBC Africa’s Fifi Peters, the session examined Africa’s trade future, the African Continental Free Trade Area (AfCFTA), and the urgent need for the continent to reclaim economic self-determination.
Obasanjo, who is also the Chair of the IATF Advisory Council, was unflinching in his critique of the structures that have long dictated Africa’s economic policies.
“The World Bank was not created for us. The IMF was not created for us. When we realize that, we’ll begin to understand how to approach these global economic issues that obviously don’t favor us,” he said.
Keep up with the latest headlines on WhatsApp | LinkedIn
Citing the chronic devaluation of African currencies, Obasanjo challenged leaders to confront long-standing structural weaknesses in their economies.
“In 46 years, what have we done that our currencies are still so devalued? Something is wrong,” he added, stressing that dependence on external institutions has contributed to Africa’s economic vulnerability.
Obasanjo argued that true independence requires building African-led systems, particularly in trade and finance.
“If we’re trading amongst ourselves, our banks should not be telling us we need dollars or euros. Why should the dollar make our currencies worthless?” he asked.
He urged African nations to develop financial, payment, and trade systems tailored to the continent’s needs rather than copying frameworks imposed from outside.
“We need to do the things that will make us no longer dependent on institutions that were not made for us,” he said.
Highlighting practical barriers to trade, Obasanjo praised Algeria’s facilitation of business visas for IATF participants.
“Algeria approved over 10,000 visas upon arrival for IATF. So what stops any of our countries from saying, for business, you’ll get a 10-day visa on arrival? That would change a lot,” he noted, recalling his own frustration with visa restrictions in other African countries.
Obasanjo also stressed the need for intra-African payment solutions and use of local currencies in trade.
“Why should I look for dollars to buy something in Algeria when the supplier is accepting local currency? We need to expand intra-African trade. Just the little things like discovering I could export noodles to Angola can open up major opportunities,” he said.
Obasanjo drew a stark contrast between harmful external systems and initiatives created by Africans for Africa.
“Slave trade was bad for us. Globalization was bad for us. But coming together to establish the African Continental Free Trade Area is good for us,” he said. “Talking about African globalization that’s good for us.”
He emphasized that Africa must integrate economically to harness its diversity and resources:
“We have to understand the world we live in – take what is good for us, and leave what is not. There’s a lot in the world that is not good for us.”
Closing the discussion, Obasanjo delivered a clear and actionable message: Africa cannot outsource its development.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
“From a day-old baby to the eldest, we must understand that we cannot outsource our development. Our development should be our business,” he said, warning that giving Africa’s resources to outsiders makes the continent its own enemy.
With humor, he illustrated the continent’s untapped potential:
“If someone in Algeria is interested in investing in Africa, he would be a billionaire and probably have more than one wife – and it would help solve social issues. But if we give what belongs to us to outsiders, we become enemies of ourselves.”
Obasanjo’s remarks resonated with African policymakers and business leaders, underlining the urgent need for a bold economic reset and the creation of African-owned solutions to address decades of dependence on foreign institutions.
Note: Anthony Williams of ELBC contributed to this story.