South African opposition leader Julius Malema has urged African nations to regulate foreign loans from international financial institutions, warning that such borrowing could undermine the continent’s future.
Gatekeepers News reports that Malema spoke on Sunday in Enugu, where he served as keynote speaker at the opening ceremony of the Nigerian Bar Association (NBA) Annual General Conference.
According to him, loans from the World Bank, the International Monetary Fund (IMF), and other global lenders are nothing but “a debt trap” capable of mortgaging Africa’s future.
He said, “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 colonisers come to collect.”
Highlighting steps being taken in his home country, Malema explained that South Africa’s parliament is considering a new measure to limit unregulated borrowing.
He said, “The Public Finance Management Amendment Bill will in South Africa deal with a problem facing the whole continent, and that is the unregulated borrowing of money by our governments from the World Bank and the International Monetary Fund (IMF).”
“This bill, which we have introduced as the EFF, will require that the National Treasury in South Africa first seek approval from Parliament to source foreign loans and establish transparency regarding such loans and their conditionalities.”
The Economic Freedom Fighters (EFF) leader further praised Nigeria for its support during South Africa’s apartheid struggle, stressing that such solidarity should be deepened through economic collaboration.
He said, “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, build factories together, and process our resources on African soil.”
Malema further called for African unity and self-reliance, stressing that the continent’s progress cannot come from external powers.
He concluded, “Our salvation lies here, in Lagos and Johannesburg, in Abuja and Pretoria, in the hands of Africans who refuse to be divided. It will not come from Washington, London, Brussels, or Beijing.”
