Economic Hardship, High Cost Of Living Could Lead To Social Unrest In Nigeria – AfDB Warns Tinubu

The African Development Bank (AfDB) has said the economic hardship and the rising prices of fuel and other commodities could lead to social unrest in Nigeria.

In its macroeconomic performance and outlook for 2024 released on Saturday, the AfDB said internal conflicts and violence could also result from rising prices for fuel and other commodities.

According to the financial institution, Ethiopia, Angola and Kenya could also experience social unrest following the rising cost of living and high prices of food items.

The AfDB projected Africa’s economy to grow higher than the 3.2 per cent recorded in 2023, adding that the 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.”

Also, the AfDB said the rise of geopolitical tensions in Eastern Europe and the Middle East, in addition to 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.

Naija News reports that the rising cost of living in the country has led some Nigerians to hit the streets in some states in recent times in protest.

The protest over increasing hardship started in Minna, Niger State, on February 5, with many other states such as Kano and Ogun holding similar protests after.