In a stark warning, former Nigerian President Olusegun Obasanjo has underscored the inevitability of the next generations of Africans bearing the brunt of the continent’s escalating debt crisis. The ramifications of this debt burden, according to Obasanjo, will reverberate across Africa for years to come.
During an engagement program with the 2023 awardees of the Future Africa Leaders Foundation, an initiative led by Pastor Chris Oyakhilome, Obasanjo emphasized the lasting impact of the current generation’s debt mismanagement. Referring to his initiatives to secure debt relief for Nigeria during his presidency in 2003, Obasanjo cautioned that such gestures would be unattainable amidst the prevailing climate of economic mismanagement.
“The coming generations will have no choice but to pay the current debt being incurred by different countries in the continent,” expressed Obasanjo, highlighting the insidious nature of the debt trap and its debilitating effects on African economies.
Obasanjo, a prominent figure in African politics, pointed to leadership as the continent’s foremost challenge, stressing the imperative for leaders to set exemplary standards, display courage in decision-making, acknowledge and learn from mistakes, and harbor realistic ambitions.
Commending Pastor Oyakhilome for his efforts in nurturing future leaders, Obasanjo underscored the pressing need for more transformative figures to address the pervasive leadership crises gripping the continent.
As Africa grapples with the enduring implications of its burgeoning debt, the urgency of Obasanjo’s warning reverberates, painting a stark picture of the inescapable burden that future generations are poised to inherit.
