Former President of Nigeria, Chief Olusegun Obasanjo, has stated that the country, like many other African nations, is hindered in its development due to its over-reliance on foreign assistance.

Obasanjo, who blamed the leaders of the country for the over-reliance, said there is no way African nations can develop if they are unable to think inwardly and develop their own resources.

Speaking on Friday at the 32nd Annual Meeting of Afreximbank in Abuja, Obasanjo said nations like Nigeria, Egypt, Ethiopia, the Democratic Republic of Congo, and South Africa, ought to be leading the continent’s development charge given their demographic, resource, or economic strengths but all of them have fallen below expectation.

While he singled out Egypt for commendable efforts, the former Nigerian leader said over the last three decades, most African nations have taken two steps forward and one step back.

Obasanjo stated that “The potential for collective African progress remains dim unless these key countries begin to show meaningful growth and leadership.”

Naijaonpoint reports that, particularly, he blamed corruption, ignorance, and a persistent dependence on foreign assistance for Nigeria’s developmental woes.

He said that until the leaders stop seeking foreign loans and aid instead of harnessing the continent’s internal wealth and capacity, the true potential of the nations cannot be realized.

“We all rush to China to borrow $20 billion, yet one African country alone has the capacity to generate that kind of money domestically. But we won’t because we’re addicted to foreign help. That is not how we will move forward,” he said.

He also called for more united efforts among African nations and better economic literacy among African leaders as a way forward.

“How much of the world do our leaders even understand, If we understand it, we will get things right not just nationally, but at the community, subregional, and continental levels,” he further said.