Former Vice-President Yemi Osinbajo has raised the alarm over Africa’s deepening economic and security challenges, declaring that the continent is facing its worst debt crisis in 80 years. Speaking in Freetown, Sierra Leone, on Monday, he said the situation is further worsened by a surge in insecurity and widespread economic hardship.
Delivering the keynote address at a colloquium marking the 61st birthday of Sierra Leonean President Julius Maada Bio, Osinbajo noted that since the onset of the COVID-19 pandemic, an estimated 55 million Africans have been pushed into poverty, with 39 million falling into extreme poverty.
He highlighted the devastating impact of youth unemployment, saying nearly a quarter of young Africans are neither in education, employment, nor training. This, he said, threatens the stability and progress of the continent.
Osinbajo also warned that 20 out of the 39 African countries eligible for concessional borrowing are either already in debt distress or at high risk. He stressed that these challenges are unfolding alongside increasing insecurity and political instability.
“The Sahel is now home to the world’s fastest-growing and deadliest terrorist groups, responsible for nearly half of global terrorism-related deaths,” Osinbajo said, adding that West Africa is battling insurgencies, armed banditry, and kidnappings.
Despite these challenges, he cautioned that democratic elections alone do not constitute true democracy. “True democracy delivers dignity – food on the table, education for children, safety in our streets, and hope for the future,” he said.
