
09/09/2025
Obasanjo Says IMF Not Aligned With Africa’s Interests
Nigeria’s former President Olusegun Obasanjo said on Monday that the International Monetary Fund (IMF) does not serve the interests of African nations, urging countries on the continent to develop independent economic frameworks tailored to local realities.
Speaking at an economic policy forum in Lagos, Obasanjo criticized the IMF’s approach to development financing and structural reforms, saying the institution often imposes policies that do not align with the socio-economic needs of African populations.
“We have tried the IMF prescriptions before, and we know where they led us,” Obasanjo said. “Africa must chart its own course. The IMF is not for us — its solutions are often foreign to our problems.”
Obasanjo, who served as Nigeria’s head of state twice — first as military ruler from 1976 to 1979 and later as a democratically elected president from 1999 to 2007 — has been an outspoken critic of international lending conditions. He said African economies need patient capital and people-focused policy strategies, not austerity measures that undermine growth and social cohesion.
“We cannot keep accepting blueprints drawn from Washington or Brussels,” he said. “We need African solutions to African problems. That means thinking beyond loans and focusing on long-term investment in education, agriculture, and infrastructure.”
His comments come at a time when several African nations are facing debt distress and turning to the IMF for relief packages. While the IMF says its programs aim to restore macroeconomic stability, critics argue that its policies have often led to budget cuts in health, education, and food subsidies.
Obasanjo also called for stronger intra-African cooperation through platforms like the African Continental Free Trade Area (AfCFTA), saying economic integration could reduce the continent’s reliance on foreign institutions.
“The real strength of Africa lies in Africans working together, not in depending on external actors who have their own interests at heart,” he said.
The former president urged current leaders to be bold in rejecting one-size-fits-all economic advice and to invest in homegrown expertise and innovation.
By O. Ubah