08/09/2025
“Africa Must Not Outsource Its Development”: H.E. Obasanjo’s Rallying Call at IATF 2025 in Algeria
By: Anthony Williams
Algiers, Algeria – During a powerful and candid fireside chat at the ongoing Intra-African Trade Fair (IATF 2025), H.E. Olusegun Obasanjo, former President of Nigeria and Chair of the IATF Advisory Council, delivered a rallying cry for economic self-reliance, regional integration, and bold leadership across the African continent.
Moderated by CNBC Africa’s Fifi Peters, the session was a deep dive into Africa’s trade future, the need to rethink global economic structures, and the pivotal role of the African Continental Free Trade Area (AfCFTA).
"The World Bank Was Not Created for Us"
Obasanjo was unflinching in his critique of global financial institutions, urging African nations to rethink their reliance on structures that do not serve the continent’s interests.
“The World Bank was not created for us. The IMF was not created for us. When we realize that, we’ll begin to understand how to approach these global economic issues that obviously don’t favour us,” he said.
Citing the chronic devaluation of African currencies, he challenged leaders to confront structural weaknesses in their economies.
“In 46 years, what have we done that our currencies are still so devalued? Something is wrong,” he added.
Time for an Intra-African Economic Reset
A central theme of his remarks was the urgent need to deepen intra-African trade and strengthen continental institutions, including the AfCFTA.
“If we’re trading amongst ourselves, our banks should not be telling us we need dollars or euros,” he said. “Why should the dollar make our currencies worthless?”
Obasanjo stressed that true independence requires building systems that work for Africa, rather than copying frameworks from outside.
“We need to do the things that will make us no longer dependent on institutions that were not made for us.”
Africa Can And Must Build Its Own Future
Reflecting on the progress of the IATF, Obasanjo praised the efforts of host country Algeria.
“In just eight years, we’ve had four editions of IATF, and each one has moved to a higher level. The President of Algeria promised to make this year’s edition the best, and yes, he delivered – in the interest of Africa.”
Highlighting the unprecedented presence of four Caribbean Prime Ministers at this year’s edition, he added:
“This has never happened before. Let’s build on every little negative and the positives too. Take note of what goes wrong, fix it, and move forward.”
“Slave Trade Was Bad for Us. Globalization Was Bad for Us. AfCFTA Is Good for Us.”
Obasanjo made a clear distinction between external systems that have historically hurt Africa and the promise of home-grown initiatives like the AfCFTA.
“Slave trade was bad for us. Globalization was bad for us. But coming together to establish the African Continental Free Trade Area is good for us,” he declared. “Talking about African globalization that’s good for us.”
He emphasized that while Africa is rich in diversity, it must integrate economically to thrive.
“We have to understand the world we live in – take what is good for us, and leave what is not. There’s a lot in the world that is not good for us.”
The Practical Barriers: Visas and Borders
Obasanjo did not shy away from practical bottlenecks to trade and movement within Africa.
“Algeria approved over 10,000 visas upon arrival for IATF. So what stops any of our countries from saying, for business, you’ll get a 10-day visa on arrival? That would change a lot,” he said.
Sharing a personal anecdote, he recalled how he was unable to attend a program in another African country due to visa issues.
“They said it was for security. But Algeria didn’t use security as an excuse for IATF. If someone is coming to do business, why should they spend over a month running after a visa?”
Coastal Trade, Local Currencies, and Payments Systems
Obasanjo advocated for enhancing coastal shipping routes, simplifying currency exchange, and raising awareness of African payment systems.
“Why should I look for dollars to buy something in Algeria when the supplier is accepting local currency?” he asked. “We need to expand intra-African trade. Just the little things like discovering I could export noodles to Angola can open up major opportunities.”
He stressed that integration isn’t only about policy, but also about practical implementation.
“We have to raise awareness of our payment systems. We have to understand the importance of moving together.”
A Measurable Goal: Own Your Development
To close the discussion, Obasanjo was asked to define one actionable goal for African trade and economic growth.
His response was both philosophical and practical:
“From a day-old baby to the eldest, we must understand that we cannot outsource our development. Our development should be our business.”
He painted a picture of Africa’s untapped potential:
“If someone in Algeria is interested in investing in Africa, he would be a billionaire and probably have more than one wife – and it would help solve social issues,” he said, prompting laughter from the audience.
“But if we give what belongs to us to outsiders, we become enemies of ourselves.”
In his final Message: He said "Don't Outsource Africa’s Future"
In his parting words, Obasanjo left no room for doubt:
