By Naijatruth 

The African Development Bank (AfDB) has issued a warning that Nigeria and other African countries could witness social unrest as a result of the rising prices of fuel and other commodities.

The bank said that the increasing cost of living could trigger internal conflicts among the citizens of countries that are facing currency depreciation, subsidy removal or geopolitical instability.

The bank made this statement in its 2024 macroeconomic performance and outlook report, where it projected that Africa’s economy would rebound to 3.8% in 2024, higher than the 3.2% growth rate recorded in 2023.

However, the bank also highlighted the potential risks and challenges that the continent could face, such as supply chain disruptions and inflationary pressures caused by the El Nino weather phenomenon and the ongoing conflicts in Eastern Europe and the Middle East.

The bank noted that Nigeria has been experiencing a cost of living crisis, which has led to some Nigerians taking to the streets in different states to express their dissatisfaction with the government’s policies.

Africa development bank

The protesters have accused the government of being responsible for the economic hardship by removing the petrol subsidy and allowing the naira to float freely. The Nigeria Labour Congress (NLC) has also declared a two-day nationwide protest over the economic and security situation in the country.

The protest will commence on February 27, a week after the expiration of the 14 day ultimatum that the NLC issued to the Federal Government.

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