South African opposition leader and founder of the Economic Freedom Fighters (EFF), Julius Malema, has cautioned African nations against excessive borrowing from international financial institutions, warning that such loans could undermine the continent’s future.
Naijaonpoint reports that Malema, who delivered the keynote speech at the opening ceremony of the Nigerian Bar Association (NBA) Annual General Conference in Enugu, Enugu State, Nigeria, on Sunday, described loans from global lenders as ‘a debt trap’ capable of mortgaging future generations.
“The debt trap of Africa to our foreign colonisers must be stopped, and that begins by regulating these loans that our leaders commit future generations to, because they will not be there when the colonisers come to collect,” Malema told the gathering.
The firebrand politician revealed that South Africa was already taking steps to address the problem through legislative reform.
“The Public Finance Management Amendment Bill will in South Africa deal with a problem facing the whole continent, and that is the unregulated borrowing of money by our governments from the World Bank and the International Monetary Fund (IMF).
“This bill, which we have introduced as the EFF, will require that the National Treasury in South Africa first seek approval from Parliament to source foreign loans and establish transparency regarding such loans and their conditionalities,” Malema explained.
His remarks came amid rising concerns about growing debt burdens in many African countries, including Nigeria and Ethiopia.
Strengthening Nigeria-South Africa Ties
Malema also commended Nigeria for its role in supporting South Africa during the apartheid era, urging both nations to deepen their collaboration for the continent’s development.
“Combined, we possess the minerals that power modern technology, the energy resources that fuel global industry, and the human capital to build a self-sufficient continent.
“The path forward is clear: Nigeria and South Africa must industrialise together, build factories together, and process our resources on African soil,” he said.
Malema maintained that the continent’s future depended on Africans themselves rather than external powers.
“Our salvation will not come from Washington, London, Brussels, or Beijing. Our salvation lies here, in Lagos and Johannesburg, in Abuja and Pretoria, in the hands of Africans who refuse to be divided,” he told thousands of lawyers and dignitaries at the conference held in Nigeria.
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