The African Development Bank (AfDB) has issued a stark warning, expressing concerns over the escalating economic challenges in Nigeria and other regions, which could potentially ignite social unrest.
Released on Saturday, the AfDB’s report on macroeconomic performance and outlook for 2024 highlights the looming threat of internal conflicts and violence fueled by soaring prices of essential commodities, particularly fuel.
The AfDB’s analysis indicates that countries like Ethiopia, Angola, and Kenya may also face similar social upheavals due to the mounting cost of living and steep prices of food items. Despite projecting a higher economic growth rate for Africa in 2024 compared to the 3.2% recorded in 2023, with an expected rebound to 3.8%, the bank warns of significant risks posed by escalating fuel and commodity prices.
The removal of fuel subsidies or currency depreciation in countries such as Nigeria, Angola, Kenya, and Ethiopia could potentially serve as catalysts for internal conflicts, as observed by the AfDB. It underscores that such policy changes have already triggered social unrest in these nations, with opposition to government policies being a driving force behind the protests.
Moreover, the AfDB cautions about the ripple effects of rising geopolitical tensions in Eastern Europe and the Middle East, coupled with the El Nino phenomenon, which could disrupt global supply chains. These disruptions may exacerbate energy and food inflation worldwide, with African nations being particularly vulnerable to such shocks.
Recent events in Nigeria underscore the gravity of the situation, with protests erupting in several states due to the mounting cost of living. The initial protest in Minna, Niger State, on February 5, sparked similar demonstrations in other states like Kano and Ogun, reflecting growing discontent among the populace.
In essence, the AfDB’s assessment underscores the urgent need for proactive measures to mitigate the socio-economic pressures gripping Nigeria and other vulnerable regions, lest they escalate into full-blown crises.
