South African opposition leader and Economic Freedom Fighters (EFF) chief, Julius Malema, has cautioned African countries against overreliance on foreign loans, warning that the growing debt burden risks mortgaging the continent’s future.
Malema, who was the keynote speaker at the opening ceremony of the Nigerian Bar Association (NBA) Annual General Conference in Enugu on Sunday, described borrowing from Bretton Woods institutions such as the World Bank and the International Monetary Fund (IMF) as a “trap” designed to keep African nations in perpetual dependency.
“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 colonists come to collect,” Malema declared.
He revealed that the South African parliament is already considering legislation to curb such practices.
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According to him, the Public Finance Management Amendment Bill, sponsored by his party, seeks to make it mandatory for the National Treasury to obtain parliamentary approval before contracting foreign loans, ensuring full transparency around loan conditions and repayment obligations.
Malema’s remarks echo rising concerns over Africa’s debt crisis, with countries like Nigeria, Ethiopia, Ghana, and Kenya struggling under mounting external obligations that have raised fears of long-term economic instability.
Beyond the debt debate, the firebrand politician urged stronger collaboration between Nigeria and South Africa, insisting that the two nations hold the key to Africa’s industrialisation.
He recalled Nigeria’s pivotal role in supporting South Africa during the anti-apartheid struggle, saying it was time to renew that historic partnership.
“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 by processing our raw materials here instead of exporting them cheaply abroad,” he said.
Malema stressed that Africa’s future must not be shaped by external powers but by the unity and resolve of its people.
“Our salvation will not come from Washington, London, Brussels, or Beijing. It lies here, in Lagos and Johannesburg, in Abuja and Pretoria, in the hands of Africans who refuse to be divided,” he told the audience of lawyers and dignitaries.
His address, laced with fiery rhetoric, was met with applause from participants at the NBA conference, who described his remarks as a wake-up call for African leaders navigating the continent’s economic and political challenges.