- Urges African countries to break free from World Bank, IMF “debt trap” loans
South African activist and Leader of South Africa’s Economic Freedom Fighters (EFF), Julius Malema, has made a passionate call for African unity, asserting that, that is the only way to counter external exploitation and division.
Malema made the call on Sunday at the opening ceremony of the ongoing 2025 Nigerian Bar Association (NBA) Annual General Conference held at the International Conference Centre, Enugu State.
The keynote speaker at the conference, tagged ‘Stand Out And Stand Tall’, urged the continent to stand firm against imperialist forces.
“Africa must resist those who seek to plunder our land and resources,” Malema, leader of the Economic Freedom Fighters (EFF), declared. “Our minerals and wealth belong to Africans, and we must reclaim them.”
He advocated for local industrialisation to process Africa’s natural resources, emphasising the continent’s potential for self-reliance.
“We have the capacity to build industries and stop the extraction of our wealth by foreign powers,” he said.
Malema envisioned a united Africa with no borders, proposing a single president, currency, military, and parliament.
“A unified African currency would surpass the strength of the U.S. dollar,” he asserted, adding, “We are not pawns of foreign agendas.”
He called for Africans to see themselves as equals to global powers like China, Russia, and the United States.
“We are not a dark continent; we shine with the brilliance of our diamonds and our people,” Malema proclaimed.
Lamenting centuries of imperialist exploitation, he stressed that Africa’s salvation lies within. “Our future is not in Washington, London, or Beijing—it’s in Africa,” he said.
Malema also urged deeper collaboration between Nigeria and South Africa to make the African Continental Free Trade Area (AfCFTA) a transformative reality.
“Together, we can champion fair trade, nurture industries, and prioritize education and innovation,” he noted. “Africa is a continent of giants, not beggars.”
He condemned xenophobia, calling for solidarity among Africans.
“We must love and respect each other to demand respect from the world,” Malema said. “Unity is our greatest strength.”
The activist also appealed to African nations to regulate loans from international financial institutions like the World Bank and the International Monetary Fund (IMF), warning that such borrowing risks ensnaring the continent in a cycle of debt.
“These loans are a trap that chains Africa’s future to foreign powers,” Malema declared, emphasizing the need for oversight to prevent unsustainable debt.
He highlighted the EFF’s proposed Public Finance Management Amendment Bill in South Africa, which would mandate parliamentary approval and transparency for foreign loans.
“This legislation will ensure accountability and protect our people from exploitative financial agreements,” he stated.
Malema also championed stronger ties between Nigeria and South Africa, recalling Nigeria’s solidarity during South Africa’s apartheid era.
He urged both nations to lead Africa’s industrialization by processing the continent’s vast mineral and energy resources locally.
“Africa must build its own factories and stop the plunder of our wealth,” he said, advocating for a united, self-reliant continent.
Rejecting external dependency, Malema envisioned a borderless Africa with a unified currency, military, and parliament.
“A single African currency would rival the dollar,” he asserted, adding, “Our salvation lies not in Washington or Beijing but in Lagos, Johannesburg, Abuja, and Pretoria.”
He condemned imperialist exploitation and division, calling for Pan-African unity to harness the continent’s potential.
“We are not a dark continent but a shining one, rich with diamonds and human talent,” Malema proclaimed.
He also stressed the importance of rejecting xenophobia and fostering solidarity to earn global respect.
“Africa is a continent of giants, not a begging power,” he concluded, urging transformative action through the African Continental Free Trade Area (AfCFTA).
Malema’s vision is bold, but without genuine political will, economic discipline, and trust among African leaders, it risks remaining rhetoric rather than reality.