The African Development Bank (AfDB) has expressed concerns over a potential social unrest in Nigeria, Ethiopia, Angola and Kenya – owing to the rising prices of fuel and other commodities in those countries
The AfDB sounded the warning in its macroeconomic performance and outlook for 2024 in which it projected Africa’s economy to grow higher than the 3.2 per cent recorded in 2023.
The AfDB projected that growth on the continent will rebound to 3.8% in 2024.
However, the bank cautioned that an increase in fuel and commodity prices occasioned by currency depreciation or subsidy removal in Nigeria, Angola, Kenya and Ethiopia could trigger internal conflicts.
Rising cost of living has become a cause for concern in Nigeria with some citizens hitting the streets to stage protests …in recent days.
The crisis is blamed on the federal government’s policies of petrol subsidy removal and the floating of the naira.
The protest over increasing hardship started in Minna, Niger State on the 5th of February 5, with other states following suit thereafter
The Nigeria Labour Congress (NLC) has also scheduled a two-day nationwide protest over the hardship being experienced by Nigerians as well as the worsening state of security in the country.
Speaking in a press conference after an emergency meeting of the National Executive Council (NEC) of the union on Friday, NLC President, Joe Ajaero, said the protest will begin a week after the expiration of the 14 day ultimatum it issued to the Federal Government which will expire on the 23rd of February
The planned days for the nationwide protest are the 27th and 28th of February