AfDB Sounds Alarm on Nigeria: Economic Hardships and Rising Prices Spark Social Unrest Concerns
The African Development Bank (AfDB) has raised concerns about potential social unrest in Nigeria due to economic hardships and escalating fuel and commodity prices.
In its 2024 macroeconomic performance and outlook report, released last Saturday, the AfDB highlighted the risk of internal conflicts and violence arising from these economic challenges. The financial institution also identified Ethiopia, Angola, and Kenya as countries that could experience social unrest linked to the rising cost of living.
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While projecting a higher economic growth rate of 3.8% for Africa in 2024, up from 3.2% in 2023, the AfDB issued a cautionary note. It warned that an upswing in fuel and commodity prices, triggered by currency depreciation or subsidy removal in Nigeria, Angola, Kenya, and Ethiopia, might intensify internal conflicts.
The removal of fuel subsidies in these countries could lead to social unrest, as witnessed in the past due to opposition to government policies.
The AfDB additionally highlighted global factors such as geopolitical tensions in Eastern Europe and the Middle East, coupled with the El Nino phenomenon, which may disrupt supply chains. This disruption could exacerbate energy and food inflation worldwide, with Africa particularly susceptible to these shocks.
In light of these economic challenges, some Nigerians have taken to the streets in protest against the rising cost of living. Starting in Minna, Niger State, on February 5, these protests have spread to other states like Kano and Ogun.
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The AfDB’s warnings underscore the need for proactive measures to address economic vulnerabilities and potential social unrest in Nigeria and other affected African nations.
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