By: Manoah Kikekon
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| Julius Malema |
ENUGU, NIGERIA – South African opposition leader Julius Malema declared that the continent's economic "salvation" lies within its own major cities, not foreign capitals. The firebrand politician pointed to Lagos and Johannesburg as beacons of hope while issuing a stark warning against unchecked foreign loans, which he described as a modern-day colonial "debt trap."
Speaking on Sunday at the opening ceremony of the Nigerian Bar Association’s Annual General Conference in Enugu, the leader of South Africa’s Economic Freedom Fighters (EFF) party delivered a passionate critique of African governments' borrowing practices.
He argued that loans from institutions like the World Bank and International Monetary Fund (IMF) risk mortgaging the future of generations to come, with leaders absent when "the colonisers come to collect."
To combat this, Malema revealed his party's proactive legislative measure: the Public Finance Management Amendment Bill. Tabled in South Africa, the bill is designed to serve as a model for the continent.
It would mandate that the National Treasury first seek parliamentary approval before securing foreign loans and enforce full transparency regarding the terms and conditionalities attached to such financial agreements.
Shifting from critique to collaboration, Malema praised Nigeria's historic role in the struggle against apartheid. He then laid out a visionary blueprint for a united economic front between Africa's two largest economies.
"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," he told the audience of thousands of lawyers and dignitaries.
The path forward, according to the EFF leader, is unambiguous industrial cooperation. "Nigeria and South Africa must industrialise together, build factories together, and process our resources on African soil," he stated, positioning this partnership as the cornerstone of continental self-reliance.
In his concluding remarks, Malema reiterated that Africa's destiny must be shaped by its own people. He emphatically stated that solutions will not emanate from "Washington, London, Brussels, or Beijing." Instead, he proclaimed, “Our salvation lies here, in Lagos and Johannesburg, in Abuja and Pretoria, in the hands of Africans who refuse to be divided,” leaving the audience with a compelling call for unity and self-determination.