At the Intra-African Trade Fair (IATF2025) in Algiers, former Nigerian President Olusegun Obasanjo delivered a call to action and African nations to take charge of their economic future. In a compelling fireside chat with CNBC Africa’s Fifi Peters, Obasanjo challenged global financial norms and championed African-led solutions.
“The World Bank and IMF were not made for Africans,” he asserted, linking the continent’s ongoing struggles to the enduring legacies of slavery and colonialism. His remarks drew strong applause from delegates, many of whom echoed his call for structural reform.
Obasanjo questioned the dominance of the U.S. dollar in intra-African trade, advocating instead for the Pan-African Payment and Settlement System (PAPSS), which enables transactions in local currencies. “Why should we trade in a currency that is not ours?” he asked.
He also emphasized the need for Africans to cultivate both global literacy and cultural self-awareness. Education, he argued, must be paired with pride in African identity to drive sustainable development. Commending Algeria’s decision to issue 10,000 visas on arrival for IATF participants, he proposed a continent-wide AU Visa to ease mobility and deepen integration.
Logistics, he noted, remains a major barrier to trade. Obasanjo proposed the creation of an African-owned shipping line, estimating that intra-African trade could rise by at least 10% if the continent controlled its own maritime infrastructure. This vision aligns with the ambitions of the African Continental Free Trade Area (AfCFTA), which he described as transformative.
“Africa’s development must be our responsibility,” Obasanjo concluded, calling on governments, businesses, and civil society to collaborate in building resilient economies rooted in African values and innovation.
