Former President Olusegun Obasanjo has called on African leaders to develop a new financing architecture that enables the continent to mobilise its own resources, attract investment and drive sustainable development, saying Africa can no longer rely primarily on foreign aid.
Obasanjo made the call while receiving the African Refiners and Distributors Association (ARDA) 20th Anniversary Special Recognition Award at his residence in Abeokuta, Ogun State.
Receiving the honour, the former president expressed appreciation to ARDA for the recognition and reaffirmed his confidence in Africa’s ability to shape its own future.
“The future of Africa lies in Africa itself. We must build a new financial architecture that enables the continent to mobilise resources, attract investment and finance its own development, drawing on both domestic and international capital while ensuring that greater value is created and retained within Africa,” Obasanjo said.
He stressed that sustainable development would increasingly depend on Africa’s capacity to generate, retain and reinvest its own wealth rather than depending predominantly on external assistance.
“The reality is that Africa can no longer depend primarily on foreign aid for its development,” he added.
Obasanjo also commended the transformation of AP, now Ardova Plc, describing it as a demonstration that African companies can attain world-class standards through vision, innovation, discipline and perseverance.
“The lesson from that success is simple: anything can be done. Success does not happen by chance. It is built through hard work, careful planning and persistence. When you achieve success, you should not become complacent. You must keep pushing forward because excellence is a continuous process,” he said.
Reiterating the message he delivered during ARDA Week in Cape Town earlier this year, Obasanjo underscored energy security as the foundation of Africa’s industrialisation and economic competitiveness.
He urged African governments to deepen regional cooperation by strengthening refining capacity, expanding fuel distribution networks and investing in integrated energy infrastructure under the African Continental Free Trade Area (AfCFTA).
He also highlighted the lessons from recent geopolitical disruptions, including the Russia–Ukraine conflict and tensions in the Middle East, stressing the need for Africa to build resilient energy systems capable of insulating the continent from external supply shocks while accelerating industrial growth and sustainable development.
Presenting the award, ARDA President and Managing Director of Société Multinationale de Bitumes (SMB), Côte d’Ivoire, Marie-Joséphine Sidibé, described Obasanjo as one of Africa’s foremost statesmen whose decades of leadership have consistently championed African unity, economic transformation, good governance and self-reliance.
She said the Special Recognition Award commemorates both ARDA’s 20th anniversary and Obasanjo’s enduring contribution to Africa’s development agenda.
“Your voice has never ceased to remind us that Africa’s greatest opportunities lie in Africans working together to build strong institutions, develop our industries and secure our shared future,” Sidibé said.
According to her, ARDA’s mission of strengthening Africa’s downstream oil and gas sector through collaboration, investment, innovation and knowledge sharing aligns closely with Obasanjo’s longstanding advocacy for an Africa that develops its own resources, builds resilient industries and creates prosperity for its people.
She noted that the commemorative award—crafted from African wood and shaped in the outline of the continent—symbolises resilience, unity and a shared vision of an Africa capable of refining its own resources, powering its economies and shaping its own destiny.
The award was presented by a high-level ARDA delegation led by Sidibé, alongside ARDA Vice-President Evans Mauta, Executive Secretary Anibor Kragha, President Emeritus Joël Dervain, Ardova Plc Group Executive Chairman Abdulwasiu Sowami, and Sahara Group Executive Director Tope Shonubi, who facilitated the former president’s participation at this year’s ARDA Week in Cape Town.
