AfDB
AfDB: Economic hardships can cause social unrest in Nigeria, three other African countries
The African Development Bank (AfDB) has highlighted that increasing economic hardships, including rising fuel prices and food inflation, can cause social unrest in Nigeria, Ethiopia, Angola and Kenya.
The AfDB gave the damning submission in its macroeconomic performance and outlook for 2024 report, projecting Africa’s economy to grow to 3.8% in 2024 from 3.2 per cent recorded in 2023.
Despite the growth, the AfDB insisted that increasing fuel and commodity prices caused by inflation or subsidy removal in Nigeria, Angola, Kenya and Ethiopia could lead to internal crises.
“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 bank stated.
The report also stated that rising 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.
Indeed, on February 5, 2024, there were protests in Minna, Niger State, over unbearable cost of living, with many other states holding similar protests after.
In the same vein, the Nigeria Labour Congress (NLC) has also slated a two-day nationwide protest over the hardship Nigerians are going through as well as the deteriorating security situation in the country.
The NLC President, Joe Ajaero, who spoke after an emergency meeting of the National Executive Committee, NEC, at the weekend, 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.
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