Politics
Economic Hardship In Nigeria Sparks Fears Of Social Unrest AfDB Reports
Economic Hardship In Nigeria Sparks Fears Of Social Unrest AfDB Reports....KINDLY READ THE FULL STORY HERE▶
The African Development Bank (AfDB) has voiced concerns over the potential for social unrest in Nigeria, Ethiopia, Angola, and Kenya due to the escalating prices of fuel and other commodities. In its 2024 macroeconomic performance and outlook report, the AfDB projected a rebound in Africa’s economy, anticipating a growth rate of 3.8%, higher than the 3.2% recorded in 2023………CONTINUE READING
The bank emphasized that a surge in fuel and commodity prices, driven by currency depreciation or subsidy removal in the mentioned countries, could lead to internal conflicts. The removal of fuel subsidies in Angola, Ethiopia, Kenya, and Nigeria, accompanied by social costs, has previously sparked opposition-driven social unrest.
The AfDB also highlighted the global risks of geopolitical tensions in Eastern Europe and the Middle East, along with the El Nino phenomenon, potentially causing supply chain disruptions. Africa is particularly vulnerable to such shocks, which could exacerbate energy and food inflation across the continent.
Nigeria, in particular, has experienced protests in various states due to the rising cost of living, attributed by citizens to the federal government’s policies, including petrol subsidy removal and the floating of the naira. The Nigeria Labour Congress (NLC) has announced plans for a nationwide protest over the hardships and deteriorating security situation, scheduled for February 27 and 28, following a 14-day ultimatum to the Federal Government.
As citizens express their dissatisfaction, the AfDB’s warning underscores the broader economic challenges and potential social consequences faced by several African countries in the coming year.
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Source: Bushradiogist
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