World Bank Has Been Deceiving Africa; We Have No Reason to be Poor – Obasanjo

Former Nigerian President Olusegun Obasanjo has expressed deep concern over the level of poverty across the African continent, attributing it to man-made causes rather than divine intervention.

Speaking on Monday, August 26, at the opening ceremony of the FESTAC Africa Festival held at the Jomo Kenyatta Stadium in Kisumu, Kenya, Obasanjo emphasised that Africa’s abundant resources should have prevented the continent from experiencing such levels of poverty.

The former president also criticized the World Bank, accusing it of misleading African nations through its initiatives

He specifically pointed to the structural adjustment programs promoted by the institution, arguing that these policies were implemented without considering Africa’s unique economic structures.

Obasanjo stated, “If you look back in history, you will see that whenever others needed to get work done, they came to Africa to transport black people to the so-called New World to make others rich.

“And that hasn’t stopped. The slave trade led to colonialism. We enrich others while remaining impoverished. We need to awaken.

“Structural adjustment was the idea of the World Bank. However, I disagreed because we lacked the structure. What exactly were we adjusting? They were simply deceiving us,” he added.