Obasanjo Warns of Unprecedented Debt Crisis for African Leaders


Former President Olusegun Obasanjo expressed deep concerns about the challenging predicament facing African leaders in the aftermath of the forgiveness of previous debts. During an engagement with the Future Africa Leaders Foundation’s 2023 award winners, an initiative spearheaded by Pastor Chris Oyakhilome of Loveworld Incorporated, Obasanjo emphasized the formidable obstacles hindering the possibility of obtaining a similar debt reprieve.

Drawing from his own experiences in 2003, when his administration sought debt relief for Nigeria alongside Algeria, Obasanjo unveiled the grim reality that current and future generations in Africa have limited options to free the continent from the shackles of mismanaged resources.

He labeled the continent’s escalating debts as a dangerous trap that poses a significant burden on both individuals and nations, constituting an economic albatross.

In an insightful analysis, the former president underscored that the mounting debts incurred by various countries in Africa would inevitably fall on the shoulders of coming generations.

Leadership emerged as the paramount challenge facing the continent, with Obasanjo emphasizing that addressing the pervasive crisis requires urgent attention from individuals dedicated to nurturing strong leadership.

Commending Pastor Oyakhilome for his contributions in building leaders, Obasanjo stressed the need for more visionary figures like him to navigate Africa through its leadership quagmire.

The former president acknowledged the vital role leadership plays in steering nations away from the pitfalls of debt and commended the efforts directed at developing leaders who can guide the continent toward sustainable progress.

During a questions and answers session, Obasanjo provided insights into the essential qualities of a leader. He highlighted the importance of setting good examples, demonstrating boldness and courage in decision-making, acknowledging mistakes, and actively learning from them.

The necessity for leaders to possess realistic dreams became a focal point in his discourse, emphasizing the significance of visionary thinking in addressing the complex challenges that nations face.