South African opposition leader, Julius Malema, has urged African nations to regulate loans from international lenders, warning that such debts risk mortgaging the continent’s future.

Malema issued the warning on Sunday in Enugu, while delivering a keynote address at the opening of the Nigerian Bar Association (NBA) Annual General Conference.

He described loans from Bretton Woods institutions such as the World Bank and International Monetary Fund (IMF) as “a debt trap” that could undermine Africa’s sovereignty.

“The debt trap of Africa to our foreign colonisers must be stopped, and that begins by regulating these loans that our leaders commit future generations to,” Malema told delegates.

He revealed that South Africa’s parliament is considering legislation to restrict unregulated borrowing. “The Public Finance Management Amendment Bill will require that the National Treasury seek parliamentary approval before sourcing foreign loans, ensuring transparency over such loans and their conditions,” he explained.

Malema also called for stronger ties between Nigeria and South Africa, noting both countries’ wealth in natural resources and human capital.

“Combined, we possess the minerals that power modern technology, the energy resources that fuel global industry, and the human capital to build a self-sufficient continent,” he said, stressing that Africa’s salvation “will not come from Washington, London, Brussels, or Beijing, but from Lagos, Johannesburg, Abuja and Pretoria.”