The high cost of living spiced with a never-seen-before hardship rocking Nigeria has reached the edge of unbearable mark.
Indeed, tension is gradually building up and the African Development Bank (AfDB) has noticed this. In fact, the bank has predicted the outcome of this kind of hardship.
To AfDB, the economic hardship and the rising prices of fuel and other commodities could lead to social unrest in Nigeria.
In its macroeconomic performance and outlook for 2024 released on Saturday, the AfDB said internal conflicts and violence could also result from rising prices for fuel and other commodities.
The Rebound
According to the financial institution, Ethiopia, Angola and Kenya could also experience social unrest.
This will also happen as a result of the rising cost of living and high prices of food items.
The AfDB projected Africa’s economy to grow higher than the 3.2% recorded in 2023, adding that the 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.
Internal Conflicts
It stated: “Internal conflicts and violence could also result from rising prices for fuel and other commodities 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”.
Also, the AfDB said the rise of geopolitical tensions in Eastern Europe and the Middle East in addition to the El Nino phenomenon, may trigger supply chain disruptions.
This could aggravate energy and food inflation across the world with Africa more vulnerable to these shocks.
Protest Trails Economic Hardship
Indeed, the rising cost of living in Nigeria has led some Nigerians to hit the streets in some states in recent times in protest.
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The protest over increasing hardship started in Minna, Niger State on February 5.
Now, other states such as Kano and Ogun have held similar protests, demanding a better living condition.
