One of the most enduring marks of Africa’s weakness is its persistent reliance on foreign aid. Many nations across the continent, including Nigeria, continue to depend on external financial assistance, despite their vast natural and human resources.

Nigeria, often referred to as the “giant of Africa,” exemplifies this troubling trend. A glaring example is the N700 billion intervention by President Bola Tinubu, which was required to fill the funding gap after U.S. President Donald Trump scrapped the United States Agency for International Development (USAID) over allegations of corruption, waste, and abuse.

Foreign Influence Through Aid

Nigeria also receives millions of dollars in external funding for democracy and governance. For instance, during the 2023 general elections, the European Union provided €39 million (N17.94 billion at the time) to support the electoral process.

This financial support came with direct foreign involvement. The EU deployed a high-powered delegation to Nigeria, which spent four months monitoring the elections and ultimately issued a damning report on the performance of the Independent National Electoral Commission (INEC) under Professor Mahmood Yakubu.

Aid dependency not only weakens national sovereignty but also gives foreign powers the legitimacy to interfere in domestic affairs. While Nigeria cannot send observers or mark the electoral processes of these donor nations, they freely influence political processes in African countries under the pretext of supporting democracy.

The Global Debate on Aid Dependency

The issue of aid dependency was a key topic at the Financial Times’ Global Risk Roundtable during the World Economic Forum (WEF) in Davos, Switzerland, in January 2024.

Representing Nigeria, Vice President Kashim Shettima decried the “bowl in hand” syndrome, stating that African nations must uphold their dignity and break free from dependence on foreign assistance.

Shettima emphasized that Africa, the world’s most resource-rich continent, has no justification for relying on aid. He called for equal partnerships between nations, rather than master-servant relationships, which foreign assistance often fosters.

The Consequences of Aid Dependency

The continued reliance on foreign aid undermines Nigeria’s sovereignty and self-reliance, creating serious consequences:

• Loss of true independence – A nation that depends on foreign aid effectively surrenders part of its sovereignty.
• Foreign interference – Donor nations gain leverage over domestic policies, influencing elections, governance, and security decisions.
• Economic stagnation – Reliance on aid discourages innovation, productivity, and self-sufficient economic policies.
• Corruption and mismanagement – A significant portion of foreign aid is often diverted into private accounts, fostering indolence and financial recklessness.
• Security threats – Under the guise of humanitarian aid, foreign agencies operate within conflict zones like the North-East, sometimes exacerbating terrorism and insurgency in Nigeria.

The influence of foreign interests in Nigerian politics has been evident in the past. The Barack Obama administration openly interfered in Nigeria’s 2015 elections, setting a precedent for foreign involvement in African leadership transitions.

Time for Nigeria to Reject Foreign Aid

Nigeria must take decisive steps to end its dependence on foreign aid and assert its economic sovereignty. This requires:

• Strengthening domestic revenue generation through efficient tax collection, industrial growth, and resource management.
• Investing in self-sufficient economic strategies, including improved local production, infrastructure development, and financial independence.
• Reducing government wastage and corruption, ensuring that national funds are used for development rather than enriching individuals.
• Rejecting aid with strings attached, particularly financial assistance that compromises national sovereignty.
• Building stronger trade partnerships, shifting from aid-based relationships to mutually beneficial economic collaborations.

Dignity in Economic Independence

The Nigerian government must move beyond verbal condemnation of aid dependency and take concrete actions to reject foreign financial assistance. The country should set an example for the rest of Africa by demonstrating that a resource-rich nation can sustain itself without external handouts.

Foreign aid has kept Africa vulnerable to exploitation, stifling its potential for real economic progress. Nigeria, as the continent’s largest economy, must lead the way in breaking this cycle and embracing true independence.

The time has come for Nigeria to dignify its sovereignty and build an economy that thrives on its own resources, talents, and strategic partnerships—rather than handouts from foreign powers.