Obasanjo warns Africa against dependence on IMF & World Bank
Ex-Nigerian Leader Urges Intra-African Trade Over External Dependence
Elohim Nyame 
Former Nigerian president Olusegun Obasanjo has cautioned African nations against over-reliance on international financial institutions, insisting that the World Bank and International Monetary Fund (IMF) were never created to advance Africa’s interests.
Speaking at the Intra-Africa Trade Fair in Algeria, Obasanjo urged leaders to pursue regional integration and stronger intra-African trade as the foundation for sustainable growth. “The World Bank is not for us; the IMF is not for us. Once we understand that, we will know how to deal with them,” he declared.
He argued that Africa’s dependence on external lending bodies has left many countries vulnerable to debt crises, policy impositions, and currency instability. Instead, he encouraged greater use of local currency settlements in trade transactions, saying such measures would reduce reliance on the US dollar and ease pressure on African currencies.
Obasanjo’s remarks come as many African economies grapple with rising debt burdens, sharp currency depreciations, and limited access to international credit markets. Critics of the Bretton Woods institutions have long accused them of enforcing austerity measures that hamper growth and deepen poverty.
The former Nigerian leader, who has been an influential voice on pan-African issues since leaving office in 2007, called for a united front to unlock the continent’s potential. He stressed that deeper regional integration, underpinned by the African Continental Free Trade Area (AfCFTA), could help Africa generate wealth internally rather than depending on external prescriptions.
“We must build our future through cooperation and trade with one another. Only then will Africa command the respect it deserves in the global economy,” he added.
