South African opposition leader Julius Malema has issued a stern warning to Nigeria and other African nations against accepting loans from international financial institutions such as the World Bank and the International Monetary Fund (IMF).
Speaking on Sunday as a keynote speaker at the Nigerian Bar Association (NBA) Annual General Meeting in Enugu, Malema described these loans as “death traps” that jeopardize Africa’s future.
“The debt trap of Africa to our foreign colonisers must be stopped,” Malema declared. “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.”
Malema emphasized the long-term risks of unregulated borrowing and revealed that South Africa is already taking legislative steps to address the issue.
He announced that the Economic Freedom Fighters (EFF) party has introduced the Public Finance Management Amendment Bill in the South African Parliament. The proposed law would require the National Treasury to obtain parliamentary approval before entering into foreign loan agreements and would mandate full transparency on the terms and conditions of such loans.
“This bill, which we have introduced as the EFF, aims to tackle a problem that plagues the entire continent — the unchecked borrowing from institutions like the World Bank and IMF,” he explained.
Malema’s remarks come amid growing concern over Africa’s rising debt levels and increasing reliance on foreign lenders.
