Former President Olusegun Obasanjo has warned African nations against accepting foreign assistance that compromises their sovereignty, saying the wrong kind of aid can leave countries economically trapped and unable to pursue independent development.
Obasanjo spoke on Wednesday at the public presentation of a book titled, ‘The Ibru Story: An Account of a Pioneering Nigerian Business Family,’ a biography chronicling the life and business legacy of the late industrialist, Michael Ibru, held at the MUSON Centre, Onikan, Lagos.
Drawing from Nigeria’s support for Angola during the administration of the late President Agostinho Neto, Obasanjo recalled how Michael Ibru encouraged him to explore investment opportunities in Angola’s fishing industry after Nigeria provided the country with $20m in assistance.
He said Neto later explained that Soviet influence over Angola’s economy had effectively shut out other investors.
“The Soviets are advising us, and they are exploiting their fish. If they are the ones exploiting
This post was originally published on this site.
