Former president Olusegun Obasanjo says Nigeria shouldn’t be progressing economically because it ought to, regardless of its potential and measurement.
Talking on Thursday on the Afreximbank Annual Conferences (AAM2024) in Abuja, Obasanjo stated the nation has failed to take care of regular {economic} development for many years.
He stated: “We’re not the place we needs to be economically. For over three or 4 many years, Nigeria has taken two steps ahead, one step apart, and perhaps one or two steps backward.”
Obasanjo, who chairs the advisory council of the Intra-African Commerce Honest (IATF), spoke throughout a high-level dialog moderated by Fifi Peters, a senior anchor at CNBC Africa.
The session was themed: “African Renaissance in an Period of Turbulence: Are the Lions Nonetheless on the Transfer?”
Obasanjo challenged the concept that Africa’s so-called “lions” — its main economies — are actually advancing.
He listed Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo (DRC), and South Africa as key gamers within the continent’s {economic} future however famous that the majority are both stagnating or regressing.
“The lions are there, however they don’t seem to be shifting as they need to. And till they do, Africa received’t transfer,” he stated.
He famous Egypt as a doable exception however stated the remaining have been underperforming each economically and politically.
Obasanjo known as for an entire rethink of management and governance methods in Africa, warning that the continent can’t proceed relying on international support and exterior fashions of growth.
“Assist shouldn’t be the way in which ahead. We’ve lived too lengthy on support. It’s time to substitute that dependency with inner methods.
“We should additionally rethink Western liberal democracy. It hasn’t delivered — even for many who invented it,” he stated.
He advocated for governance buildings rooted in consensus and communal values, saying Africa should construct its methods primarily based on its realities somewhat than copying international fashions.
“We should cease copying and begin adapting. Our democracy right this moment is just too targeted on cash, it’s moneytocracy,” he stated.
Obasanjo additionally praised the African Continental Free Commerce Space (AfCFTA), describing it as one of many few pan-African initiatives that has been correctly applied.
He urged sustained dedication to intra-African commerce, industrialisation, and {economic} self-reliance.
Responding to Obasanjo, Fifi Peters referenced The Lion King, stressing that each African nation, huge or small, should play its half in driving the continent’s {economic} renaissance.