Rising cost of living may trigger social unrests in Nigeria, Kenya, others, AfDB warns
The African Development Bank (AfDB) has expressed concerns about the escalating prices of fuel and commodities, signaling a potential for social unrest in Nigeria, Ethiopia, Angola, and Kenya.
In its 2024 macroeconomic performance and outlook report, the AfDB projected a 3.8% growth in Africa’s economy but cautioned that currency depreciation or subsidy removal in the mentioned countries might trigger internal conflicts.
The report highlighted that the removal of fuel subsidies in these nations had previously led to social unrest, with opposition to government policies driving protests.
Additionally, the AfDB warned of potential supply chain disruptions from geopolitical tensions in Eastern Europe and the Middle East, coupled with the El Nino phenomenon, which could exacerbate energy and food inflation, particularly affecting Africa.
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Nigeria is already grappling with a rising cost of living, attributed to the federal government’s policies such as petrol subsidy removal and currency floatation.
Protests have erupted in several states, with prominent figures, including the Sultan of Sokoto, expressing concerns about the level of economic hardship, insecurity, and poverty, potentially leading to widespread discontent and unrest.
In response to the growing challenges, the Nigeria Labour Congress (NLC) has announced a two-day nationwide protest scheduled for February 27 and 28 to address the hardship faced by Nigerians and the deteriorating security situation.
The NLC has issued a 14-day ultimatum to the Federal Government, emphasizing the need for urgent action to address the pressing issues contributing to the country’s current state.
