In its latest macroeconomic performance and outlook report for 2024, the African Development Bank (AfDB) has raised concerns over the escalating prices of fuel and other commodities, noting the potential for social unrest in Nigeria, Ethiopia, Angola, and Kenya.
Despite an optimistic projection for Africa’s overall economic growth, with a rebound to 3.8% in 2024 compared to the 3.2% recorded in 2023, the AfDB emphasised the precarious situation in these specific countries.
The bank pointed to the looming threat of internal conflicts, cautioning that the surge in fuel and commodity prices, driven by currency depreciation or subsidy removal, could act as a catalyst for social unrest.
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 African Development Bank (AfDB) also highlighted additional global concerns, stating that the escalating geopolitical tensions in Eastern Europe and the Middle East, coupled with the El Niño phenomenon, could potentially trigger supply chain disruptions. These disruptions may exacerbate energy and food inflation worldwide, with Africa deemed more susceptible to these shocks.
In Nigeria, the rising cost of living has become a source of growing concern, prompting protests in several states.
The crisis is attributed to the federal government’s policies, particularly the removal of the petrol subsidy and the decision to float the naira.
The protest against increasing hardship commenced in Minna, Niger State on February 5, triggering similar demonstrations in other states.
Several notable figures are now expressing concern, emphasising that urgent action is needed to prevent further deterioration of the situation.
Among them is an individual from the Sultan of Sokoto, who, during the 6th Executive Committee Meeting of the Northern Traditional Rulers Council in Kaduna, noted the escalating economic hardship, asserting that citizens are becoming increasingly agitated, angry, and hungry.
He specifically cautioned the Federal Government that the growing challenges of insecurity, poverty, and unemployment, particularly in the North, might lead to unstoppable public discontent.
“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.
“I believe talking of insecurity and the rising level of poverty are two issues that we cannot fold our arms and think everything is okay. I have said it so many times and at so many fora that things are not okay in Nigeria and of course, things are not okay in the North,” he said.
The Nigeria Labour Congress (NLC) has announced a two-day nationwide protest in response to the prevailing hardship and worsening security conditions in the country.
Following an emergency meeting of the National Executive Council (NEC) on Friday, NLC President Joe Ajaero stated in a press conference that the protest is set to commence a week after the 14-day ultimatum issued to the Federal Government, expiring on February 23.
The scheduled days for the nationwide protest are February 27 and 28.
