By Horn Africa News
ALGERIA — Former Nigerian President Olusegun Obasanjo has warned African nations against overdependence on international financial institutions such as the World Bank and the International Monetary Fund (IMF), arguing that these organizations were not created to prioritize Africa’s interests.
Speaking at the Intra-Africa Trade Fair in Algeria, Obasanjo urged African leaders to focus on strengthening intra-African trade and promoting regional integration as the foundation for sustainable development.
“The World Bank is not for us; the IMF is not for us. Once we grasp this, we will know how to engage with them,” Obasanjo said.
He also encouraged African countries to conduct more trade transactions in local currencies. This, he explained, would reduce reliance on the US dollar and ease economic pressures on the continent.
Obasanjo’s remarks have sparked debate, with critics questioning his own record during his presidency. Observers have asked what concrete measures he took while in office to protect Nigeria and Africa from dependence on global financial institutions.
