As Nigeria faces rising living costs due to the removal of fuel subsidies and the devaluation of the naira, the African Development Bank (AfDB) has issued a warning about the potential for unrest in the country. The bank also highlighted that other African countries like Angola, Ethiopia, and Kenya, which are experiencing similar issues with fuel and commodity price increases, could face more problems.
In its report on the economic outlook for 2024, the AfDB predicted a 3.8 percent growth rate for Africa but cautioned that internal conflicts and violence could arise from the financial strain caused by higher fuel and commodity prices, weakened local currencies, and policy reforms.
Instances of social unrest have already occurred in Nigeria, with protests reported in Minna, Kano, Abuja, and some southwestern states, primarily due to the high cost of living. More protests are planned, such as one in Ibadan, with the government blaming opposition parties for stirring up these demonstrations. On the other hand, the International Monetary Fund (IMF) has praised President Bola Tinubu for implementing policies that his predecessors did not dare to pursue, though it has advised further subsidy removals for fuel and electricity to increase government funds.
Northern traditional leaders have also expressed concern about growing agitation among their people because of the worsening economic conditions. The Sultan of Sokoto, Saad Abubakar, spoke on behalf of these leaders, highlighting the severe impact of insecurity and poverty, especially in the North, where people are becoming increasingly desperate and discontent.
Furthermore, the Nigeria Labour Congress (NLC) last week called for a two-day nationwide protest to voice their grievances over the country’s economic hardship.