Our African Leaders Lack Basic Economics

“Our African Leaders Lack Basic Economics” Obasanjo Slams Africa’s Political Class for Economic Ignorance and Greed

African Leaders Lack Basic Economics; Our Former Nigerian President, Olusegun Obasanjo has stirred the hornet’s nest again and this time, he’s not holding back.

In a scorching critique delivered during a keynote address at the 2025 Africa Development Roundtable in Kigali, Rwanda, the elder statesman accused Africa’s political elite of being economically illiterate, politically irresponsible, and morally bankrupt.

“he said in his words (Obasanjo said to a stunned audience); Our leaders lack even the most basic understanding of economics, yet they are entrusted with billion-dollar national budgets,”.

With his blunt assessment, Nigeria’s former Obasanjo has thrown fuel on a long-simmering fire: the disconnect between political leadership and economic progress in Africa. His words echo the growing frustration of millions across the continent who see poverty rise, inflation spiral, and corruption flourish, all while their so-called leaders fly private jets and blame the West of what they has brought upon Africa.

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‘Our Leaders Lack Basic Economics,’ Obasanjo Faults Africa’s Political Class

The Bombshell Comment That Has Africa Talking

At 87, Obasanjo is no stranger to controversy, but his latest remarks were arguably his most damning yet. Speaking before an audience of diplomats, economists, and African heads of state, he declared:

“How can a man who has never run a kiosk understand national debt management? We elect politicians who can’t define GDP, but they control central banks. That is why Africa is always begging.”

The room reportedly fell silent. Then came nervous laughter. Then a wave of outrage online, particularly from ruling party loyalists across various African nations.

But many ordinary Africans applauded him for saying what most only dare to whisper.

Economic Mismanagement: A Continental Crisis

Obasanjo’s criticism is not just emotional it’s backed by hard truths:

• Africa’s public debt surged past $1.8 trillion in 2024, according to the IMF.
• Several African countries now spend more on debt servicing than on education or health.
• Inflation is crippling local economies in Nigeria, Ghana, Ethiopia, and Sudan.
• Youth unemployment remains alarmingly high 50% in some West African states.

Despite this economic freefall, African leaders continue to:

• Import luxury cars and build vanity projects.
• Borrow unsustainably from China, the IMF, and private lenders.
• Refuse to cut government waste or improve productivity.

Obasanjo’s point? It’s not just corruption it’s incompetence.

Clueless Cabinet Appointments: Africa’s Dangerous Tradition

The former president called out a dangerous but common practice in African politics — rewarding loyalty with power rather than expertise.

“How many of our finance ministers are economists? How many of our central bank governors are political stooges?” he asked.

He slammed the culture of appointing political loyalists to critical economic positions, including ministers of finance, planning, and industry without any vetting for competence or background in economics.

In countries like Nigeria, Kenya, and Zimbabwe, ministers often lack professional experience, and some can barely explain monetary policy or trade frameworks.

Leadership by Looting: A Legacy of Self-Interest

Obasanjo went further by attacking the moral decay among the political class:

“African leaders are not here to build economies. They are here to build empires personal empires.”

He accused sitting presidents and governors across the continent of:

• Looting state resources
• Awarding inflated contracts to cronies
• Using state power to enrich themselves

In his words, Africa’s biggest export is not oil or cocoa it’s corruption masked as governance.

What Obasanjo Gets Right and What Critics Say

Many analysts agree with Obasanjo’s warning:

• Economist Ngozi Okonjo-Iweala, Director-General of the WTO, has repeatedly said Africa’s growth is unsustainable without fiscal discipline.
• The African Development Bank (AfDB) warns that untrained leadership is hindering regional development.
• Youth-led protest movements like #FixTheCountry in Ghana and #EndSARS in Nigeria are evidence of widespread public discontent.

Still, critics accuse Obasanjo of hypocrisy, noting:

• He himself once oversaw bloated budgets and alleged human rights abuses.
• He’s part of the same elite he now condemns.
• His administration also had economic missteps including controversial privatization policies.

But Does He Have a Point?

Absolutely. Whatever his past, Obasanjo is voicing a truth few African leaders dare to acknowledge: Africa’s political class is not equipped for 21st-century economics.

As the global economy evolves, Africa is being left behind not because of natural disasters or colonial history alone — but because those in power don’t understand how economies grow.

You can’t run a digital economy with analog thinking.
You can’t fight inflation with prayer and propaganda.

The Vicious Cycle: Ignorance + Power = Poverty

This is the dangerous cycle Obasanjo warns about:

1. Uneducated or greedy politicians take power.
2. They appoint unqualified loyalists.
3. These leaders mismanage economies.
4. Citizens suffer, protest, or flee the country (japa).
5. A new set of equally clueless leaders take over and the cycle continues.

What Must Change?

Obasanjo proposed three key reforms:

1. Merit-based appointments not political loyalty.
2. Mandatory economic literacy tests for key positions.
3. Pan-African economic training institutes for public servants.

“Africa has brilliant economists but they are sidelined for tribal chiefs and election riggers,” he said.

WhatsnextNG Thoughts: Truth or Hypocrisy, Obasanjo Has Lit a Fire

Former Nigerian President Olusegun Obasanjo has publicly criticized Africa’s political class, accusing many leaders of lacking even basic knowledge of economics.

our source has it that Speaking at a development forum, he claimed that economic mismanagement across the continent stems from unqualified and corrupt officials being placed in key government positions. Nigeria former president Obasanjo warned that Africa’s rising debt, unemployment, and poverty are products of incompetence, not just corruption.

While some critics point to his ow controversial, undisciplined leadership past, many agree with his central argument: Africa’s progress is being held back by some good for nothing and empty leaders who don’t understand or respect economic principles. His bold remarks have reignited calls for reforms in leadership selection and governance.

Whether you love him or loathe him, Obasanjo has once again spoken what most African citizens are too scared to say aloud. His callout on the economic ignorance of African leaders is both timely and true.

Until African politics stops rewarding ignorance, tribalism, and looting, and starts promoting competence, economic knowledge, and vision, the continent will continue to borrow its future while mortgaging its present.

The real question now isn’t whether Obasanjo is right.

The question is: Will anyone in power actually listen?