The African Development Bank says rising fuel and other commodities prices may lead to social unrest in Nigeria, Ethiopia, Angola and Kenya.
The AfDB raised this alarm in its macroeconomic performance and outlook for 2024.
Meanwhile, the leading Continental Development Bank projected that Africa’s economy is expected to grow higher than the 3.2 per cent recorded in 2023, stating that growth on the continent will rebound to 3.8 per cent in 2024.
It stated, “Internal conflicts and violence could also result from rising fuel and other commodities prices 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.”
OsunDailyNG recalls that due to the high cost of living in Nigeria, the organized labour plans to embark on a two-day nationwide protest on February 27 and 28, 2024.
