The African Development Bank (AfDB), has issued a warning regarding the potential for social unrest in several African countries, including Nigeria, Ethiopia, Angola, and Kenya, due to the escalating prices of fuel and other commodities.
This alert was raised within the framework of the AfDB’s macroeconomic performance and outlook for 2024.
In contrast, the leading Continental Development Bank remains optimistic about Africa’s economic prospects, forecasting a growth rate surpassing the 3.2 percent recorded in 2023. The projection indicates a rebound to 3.8 percent growth in 2024.
The AfDB emphasised that the surge in fuel and commodity prices, driven by weaker domestic currencies and policy reforms such as the removal of fuel subsidies in Angola, Ethiopia, Kenya, and Nigeria, could incite internal conflicts and violence.
Notably, opposition to government policies, particularly those resulting in increased social costs, has fueled social unrest in these nations.
Against the backdrop of soaring living costs in Nigeria, the organised labour sector has announced plans for a nationwide protest spanning February 27th and 28th, 2024, underscoring the tangible impact of economic challenges on social stability.
