Concerns are rising over the potential for social unrest in Nigeria and other African nations due to the escalating prices of fuel and commodities, the African Development Bank reports. Ethiopia, Angola, and Kenya are also vulnerable to similar unrest, the bank cautions in its 2024 macroeconomic performance and outlook.

Despite projecting Africa’s economy to grow by 3.8% in 2024, up from the 3.2% recorded in 2023, the AfDB underscores the risks posed by fuel and commodity price hikes. These increases, driven by currency depreciation or subsidy removal, could spark internal conflicts.

The removal of fuel subsidies in Angola, Ethiopia, Kenya, and Nigeria, coupled with resultant social costs, has already fueled opposition-led social unrest, the AfDB notes.

 “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,” a report from the AfDB stated

Additionally, the bank highlights the potential for geopolitical tensions in Eastern Europe and the Middle East, along with the El Nino phenomenon, to disrupt global supply chains, exacerbating energy and food inflation worldwide, with Africa particularly susceptible.

Nigeria, in particular, has witnessed protests in several states over the mounting cost of living, attributed to the federal government’s policies of petrol subsidy removal and currency devaluation.

In response to the growing hardship, the Nigeria Labour Congress has announced plans for a two-day nationwide protest on February 27 and 28, following the expiration of a 14-day ultimatum issued to the Federal Government.