Nigerians are walking in difficulties and if for long it becomes unbearable, they might be fforced o push for protests. Already, it is lurking.
In a recent report, the African Development Bank (AfDB) has warned about the potential for social unrest in Nigeria and other African countries due to the escalating prices of fuel and essential commodities.
Alongside Nigeria, the bank has highlighted Ethiopia, Angola, and Kenya as countries at risk of facing social unrest due to rising living costs.
The AfDB’s macroeconomic performance and outlook for 2024 project a higher economic growth rate for Africa compared to the previous year, forecasting a rebound to 3.8%.
However, amidst this projection of economic growth, the bank has raised concerns about the adverse effects of increasing fuel and commodity prices.
The removal of fuel subsidies and currency depreciation in countries like Nigeria, Angola, Kenya, and Ethiopia has been identified as potential triggers for internal conflicts and violence.
The AfDB underscores the social unrest that has ensued in these countries, driven by opposition to government policies, particularly the removal of fuel subsidies.
Moreover, the report highlights external factors such as geopolitical tensions in Eastern Europe and the Middle East, along with the El Nino phenomenon, which could exacerbate supply chain disruptions.
“These disruptions could further escalate energy and food inflation globally, with Africa being particularly vulnerable to such shocks”.
Recent protests in Nigeria, sparked by the rising cost of living, serve as a poignant reminder of the looming social unrest. Starting in Minna, Niger State, on February 5, these protests have spread to other states, reflecting the growing discontent among Nigerians facing economic hardships.
The AfDB’s warning serves as a wake-up call for policymakers to address the root causes of rising living costs and economic instability. Failure to do so could lead to prolonged social unrest, exacerbating existing challenges and hindering economic development efforts.
As such, proactive measures are needed to mitigate the impact of rising fuel and commodity prices and promote sustainable economic growth and social stability in Nigeria and across Africa.
