The African Development Bank (AfDB) has warned that rising prices of fuel and other commodities could lead to social unrest in Nigeria, Ethiopia, Angola and Kenya.
The AfDB said this 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.”
Rising cost of living has become something to worry about in Nigeria with some Nigerians hitting the streets in some states to protest.
The protest over increasing hardship started in Minna, Niger State on February 5, with many other states holding similar protests after.
Some prominent personalities have started speaking up and warning that if the current situation is not quickly nipped in the bud, things could deteriorate.
One of those individual is the Sultan of Sokoto, he specifically warned the Federal Government that the hardship, insecurity, poverty, and unemployment in Nigeria and the North, in particular, was getting to a level where they could no longer pacify the people from revolting.
“To make matters worse, we are faced with the rising level of poverty amongst our people, lack of normal sources of livelihood for the common man to have even if it is one good meal a day.
