The African Development Bank (AfDB) has issued a warning that further increases in fuel and commodity prices in Nigeria, Angola, and Kenya could lead to social unrest.
The caution was contained in the AfDB’s Macroeconomic Performance and Outlook for 2024 report, which projected a 3.8% growth rate for Africa in the same year.
Already, hunger protests have erupted in Minna, the capital of Niger State, and Kano, with reports indicating mounting pressure on the federal government to raise fuel prices further.
The AfDB report stated that “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.”
In Nigeria, the cost of living crisis has been attributed to the federal government’s policies, including the removal of petrol subsidies and the floating of the naira.
Traditional rulers in Northern Nigeria have also expressed concerns about escalating agitations among their subjects due to the unbearable economic hardship in the country.
Sultan of Sokoto, Saad Abubakar, speaking on behalf of the traditional rulers, emphasized the need for urgent government intervention to address the suffering of citizens.
Furthermore, the Nigeria Labour Congress (NLC) has announced plans for a two-day nationwide protest over the prevailing hardship across the country.
