Algiers, Algeria – Former Nigerian President and IATF Advisory Council Chair H.E. Olusegun Obasanjo has made a strong and direct call at the ongoing Intra-African Trade Fair (IATF 2025) calling for bold leadership, regional integration, and economic self-reliance throughout the African continent.
Facilitated by Fifi Peters of CNBC Africa, the discussion delved deeply into the future of trade in Africa, the importance of the African Continental Free Trade Area (AfCFTA), and the necessity of reconsidering global economic institutions.
steadfast in his criticism of international financial institutions, Obasanjo urged African countries to reconsider their dependence on systems that are not beneficial to the continent. “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 favor us,” he said.
He urged leaders to address structural flaws in their financial systems, citing the ongoing devaluation of African currencies. “What have we done to cause our currencies to remain so depreciated after 46 years? There is a problem, an Intra-African Economic Reset Is Needed” he continued.
The urgent need to develop continental institutions, such as the AfCFTA, and expand intra-African trade was a major topic of his discussion. “Our banks shouldn’t be telling us we need dollars or euros if we’re trading among ourselves. Why should our currencies be worthless because of the dollar?”
Obasanjo emphasized that rather than adopting frameworks from other countries, true independence calls for developing systems that are effective for Africa. “We must take the necessary actions to eliminate our reliance on institutions that were not designed for us in mind.”
In his assessment of the IATF’s development, Obasanjo commended Algeria’s efforts as the host nation. Each of the four IATF editions that have occurred in the last eight years has advanced to a higher level. In the interest of Africa, the Algerian president fulfilled his pledge to make this year’s edition the greatest.
He also emphasized the historic attendance of four Caribbean prime ministers at this year’s event: “This has never occurred before. Let’s expand on both the pros and the minor drawbacks. Make a note of the issues, address them, and proceed. The slave trade was bad to us. For us, globalization was disaster. However, it is beneficial for us to unite in the creation of the African Continental Free Trade Area,” he said, discussing how African globalization benefit the African continent.
Despite Africa’s uniqueness, he stressed that for the continent to prosper, economic integration is necessary. “We must comprehend the reality in which we live, take what is beneficial to us, and discard what is not. The world is full of things that are bad for us.”
Practical barriers to trade and mobility within Africa were not something Obasanjo shied away from. “More than 10,000 IATF visas were granted by Algeria upon arrival. What prevents any of our nations from participating in a 10-day visa upon arrival business forum in Africa? That would make a big difference for the continent,” he remarked.
He related a personal story of how visa problems prevented him from attending a program in another African nation. “It was for security, they explained. However, Algeria did not justify IATF on the grounds of security. Why should someone spend more than a month chasing a visa if they are traveling to conduct business in a African nation?”
Obasanjo promoted improving maritime lanes along the coast, streamlining currency exchange, and increasing knowledge of African payment methods.
He questioned, “If the supplier is taking local currency, why should I search for dollars to buy something in Algeria? We must increase trade within Africa. Even seemingly insignificant things, like realizing I could export noodles to Angola, can lead to significant opportunities.”
He emphasized that integration involves both actual implementation and policy. “We must make our payment mechanisms more widely known. We must realize how crucial it is that we move together.“
Obasanjo was asked to identify one concrete objective for African trade and economic development in order to wrap up the conversation. He gave a thoughtful and useful response: “From the youngest to the oldest, we must realize that our development cannot be sold. Our business should be our progress.”
The audience cheered as he added that if an Algerian wanted to invest in Africa, he would be a billionaire and most likely have multiple wives. He also claimed that it would help address social problems. “We become enemies of ourselves if we give away what is rightfully ours to others. Don’t Outsource Africa’s Future” was his parting sentiment.
Reported by: Anthony Williams
