Malema urges African countries to break free from World Bank, IMF “debt trap” loans

Leader of South Africa’s Economic Freedom Fighters (EFF), Julius Malema, has delivered a powerful address at the Nigerian Bar Association (NBA) Annual General Conference in Enugu on Sunday, August 24, 2025.

He called on 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).