Obasanjo Warns African Leaders: Be Careful With Foreign Aid

Obasanjo gave the warning on Wednesday during the public presentation of a book titled ‘The Ibru Story: An Account of a Pioneering Nigerian Business Family’, held at the MUSON Centre in Onikan, Lagos. The book chronicles the life and contributions of late Nigerian industrialist, Michael Ibru.

While reflecting on Nigeria’s historical support for Angola during the administration of former Angolan President Agostinho Neto, Obasanjo recalled how Michael Ibru encouraged him to explore business opportunities in Angola’s fishing sector after Nigeria provided $20 million in assistance to the country.

The former Nigerian leader explained that Neto later revealed that the influence of the Soviet Union over Angola’s economy had limited opportunities for other investors, particularly in key sectors such as fisheries.

Obasanjo stressed that countries seeking international support must carefully consider the nature of assistance they accept, noting that some forms of foreign aid may come with consequences that restrict economic freedom.

He cited Angola’s experience as an example of how external assistance, when structured in a way that creates dependency, can prevent nations from fully benefiting from wider investment opportunities.

Beyond foreign policy issues, Obasanjo also spoke about the leadership principles of Michael Ibru, describing him as a businessman who believed in effective delegation and warned against excessive interference in organisational management.

The former president praised Ibru’s legacy, highlighting his discipline, perseverance and commitment to family unity. He urged members of the Ibru family to continue preserving the values that contributed to the success and reputation of the late industrialist.

Obasanjo maintained that strong institutions, responsible leadership and unity remain essential factors for Africa’s long-term growth and development.