The African Development Bank (AfDB) has issued a warning about the potential for social unrest in several African countries, including Nigeria, Ethiopia, Angola, and Kenya, due to the increasing prices of fuel and other essential goods.
This caution was part of the AfDB’s assessment of the economic performance and outlook for 2024, predicting a rebound in Africa’s economy with a projected growth rate of 3.8%.
However, the AfDB emphasized that this growth could be jeopardized by factors such as currency depreciation or the removal of subsidies, particularly in the fuel sector, which could lead to internal conflicts and protests against government policies.
Furthermore, the bank highlighted external risks such as geopolitical tensions in Eastern Europe and the Middle East, along with the El Nino phenomenon, which could disrupt supply chains and exacerbate energy and food inflation globally, with Africa being particularly susceptible to these shocks.
In Nigeria, the rising cost of living has already sparked protests in various states, fueled by discontent over government policies such as the removal of fuel subsidies and currency devaluation. Prominent figures like the Sultan of Sokoto have expressed concern over the level of economic hardship, insecurity, and poverty, warning that the situation could lead to widespread unrest if not addressed promptly.
The Nigeria Labour Congress (NLC) has announced plans for a nationwide protest to draw attention to the hardships faced by Nigerians and the deteriorating security situation. Scheduled for February 27 and 28, the protest follows a 14-day ultimatum issued to the Federal Government, indicating growing discontent among the populace.
