The African Development Bank (AfDB) has expressed concern that rising prices of fuel and other commodities could lead to social unrest in Nigeria.
According to the bank, rising cost of living could also lead to social unrest in Ethiopia, Angola and Kenya respectively.
The AfDB issued the warning in its macroeconomic performance and outlook for 2024 in which it projected Africa’s economy to grow higher than the 3.2 per cent recorded in 2023.
The AfDB projected that growth on the continent will rebound to 3.8% in 2024.
However, the bank cautioned that an increase in fuel and commodity prices occasioned by currency depreciation or subsidy removal in Nigeria, Angola, Kenya and Ethiopia could trigger internal conflicts.
It stated, “Internal conflicts and violence could also result from rising prices for fuel and other commodities due to weaker domestic currencies and reforms.
“For instance, the removal of fuel subsidies in Angola, Ethiopia, Kenya and Nigeria and the resulting social costs has led to social unrest driven by opposition to government policy.”
The AfDB also said the rise of geopolitical tensions in Eastern Europe and the Middle East in addition with the El Nino phenomenon, may trigger supply chain disruptions, which could aggravate energy and food inflation across the world with Africa more vulnerable to these shocks.
Recall that Nigeria has been faced with rising cost of living, which has led to some Nigerians hitting the streets in some states in recent times in protest.
The protest over increasing hardship started in Minna, Niger State on February 5, with many other states holding similar protests after.
Citizens have blamed the cost of living crisis on the federal government’s policies of the petrol subsidy removal and floating of the naira.
Meanwhile, the Nigeria Labour Congress (NLC) has also scheduled a two-day nationwide protest over the hardship being experienced by Nigerians as well as the deteriorating security situation in the country.
Speaking in a press conference after an emergency meeting of the National Executive Council (NEC) of the union on Friday, the NLC President, Joe Ajaero, said the protest will begin a week after the expiration of the 14 day ultimatum it issued to the Federal Government which will expire on February 23.
The planned days for the nationwide protest are February 27 and 28.