South African opposition leader Julius Malema has sounded a strong warning to African governments, cautioning against the dangers of unchecked foreign loans that he described as a “debt trap.” He noted that reckless borrowing is gradually mortgaging the continent’s future.
Speaking at the opening of the Nigerian Bar Association’s Annual General Conference in Enugu, Malema urged African leaders to regulate borrowing and push for pan-African industrial cooperation. He stressed that leaders take these loans today but will not be around tomorrow when creditors come knocking, leaving ordinary Africans to carry the burden.
Malema revealed that his party, the Economic Freedom Fighters (EFF), has introduced the Public Finance Management Amendment Bill in South Africa to strengthen parliamentary oversight before any loan agreements are signed. He said the bill would ensure transparency and stop governments from making secret deals with international financial institutions like the IMF and World Bank.
Beyond financial caution, the EFF leader praised Nigeria’s historic support during South Africa’s anti-apartheid struggle and called for stronger economic ties between the two nations. According to him, Nigeria and South Africa have the resources, manpower, and potential to drive Africa’s industrial revolution if they work together.
“Our salvation will not come from Washington, London, Brussels, or Beijing,” Malema declared. “It lies right here in Africa—between Lagos and Johannesburg, Abuja and Pretoria—if only we choose unity over division.”
