AfDB Warns of Social Unrest as Rising Costs Fuel Concerns in Nigeria

The African Development Bank (AfDB) has raised alarms over the potential for social unrest in Nigeria, Ethiopia, Angola, and Kenya due to escalating fuel and commodity prices.

In its 2024 macroeconomic outlook, the AfDB predicts a rebound in Africa’s economy, projecting a growth of 3.8%, albeit amid concerns of internal conflicts spurred by economic hardships.

The removal of fuel subsidies and currency depreciation in these countries could exacerbate social tensions, the bank warns.

Geopolitical tensions and the El Nino phenomenon further compound the risks, potentially disrupting global supply chains and exacerbating energy and food inflation.

In Nigeria, rising living costs have already sparked protests, with the Nigeria Labour Congress (NLC) planning a two-day nationwide protest later in February to address economic hardships and security concerns.

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