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Social unrest looms in Nigeria – AfDB

Social unrest may be imminent in Nigeria with rising prices of fuel and other commodities.

 

The African Development Bank (AfDB) which raised the alarm warned that the unrest may not be unexperienced in Ethiopia, Angola and Kenya.

The AfDB issued the warning 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.

Athough the AfDB projected that growth on the continent will rebound to 3.8% in 2024, it howeever, 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.”

The AfDB also said the rise of 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.

Recall that Nigeria has been faced with rising cost of living, which has led to some Nigerians hitting the streets in some states in protest in recent times.

The protests over increasing hardship started in Minna, Niger State on February 5, with many other states holding similar protests after.

Citizens have blamed the cost of living crisis on the federal government’s policies of the petrol subsidy removal and floating of the naira.

 

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