Politics
Rising cost of living may lead to unrests in Nigeria, 3 others — AfDB
African Development Bank, AfDB, has raised an alarm that rising prices of fuel and other commodities could lead to social unrest in Nigeria, Ethiopia, Angola and Kenya.
The AfDB sounded the warning in its macroeconomic performance and outlook for 2024 in which it projected Africa’s economy to grow higher than the 3.2 per cent recorded in 2023.
While projecting that growth on the continent would rebound to 3.8% in 2024, the bank, however, 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.
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.”
AfDB also said the rise of geopolitical tensions in Eastern Europe and the Middle East, in addition to the El Nino phenomenon, might trigger supply chain disruptions, which could aggravate energy and food inflation across the world with Africa more vulnerable to these shocks.
READ ALSO: Minister applauds AFDB’s support for Nigeria
Rising cost of living has become something to worry about in Nigeria with some Nigerians hitting the streets on some states in recent times in protest.
The cost of living crisis is blamed on the Federal Government’s policies of the petrol subsidy removal and floating of the naira.
The protest over increasing hardship started in Minna, Niger State on February 5, with many other states holding similar protests after.
Some prominent personalities have started speaking up and warning that if the current situation is not quickly nipped in the bud, things could deteriorate.
From left: Adewale Ajayi, Partner, Tax, Regulatory & People Services, KPMG; Toluwalogo Odutayo, Partner, Deloitte & Touche; Simon Kato, Deputy Vice President, Chartered Institute of Taxation of Nigeria (CITN); Zaynab Abdulkareem, Chairman, CITN, Lagos and District Society; Jimi Aina, representative of the Chairman, Lagos Inland Revenue Service and Azeez Alatoye, Managing Partner of Ascension during the Annual Tax Week 2024 of the Lagos & District Society of the Chartered Institute of Taxation of Nigeria (CITN) held in Lagos.
-
News3 days ago
Family, Friends Celebrate Jailed Former Deputy Senate President, Ike Ekweremadu’s Birthday
-
Politics3 days ago
PROPHESY TO PRESIDENT BOLA AHMED TINUBU ABOUT 2027
-
Niger Delta6 days ago
Niger Delta Stakeholders Accuse Olu of Warri and PINL Management of Dishonesty Over Terminated Pipeline Contract
-
Politics7 days ago
Rivers’ crisis: Timi Frank to TInubu, APC: Wike’s illegal impeachment plot against Fubara distabilze your administration
-
Politics7 days ago
Ogbia Council Boss, Appoints Prince Isaac Amakuro as Political Secretary
-
News7 days ago
Baraza executes court order, removes properties from Becky father’s residence
-
Business4 days ago
Baraza: Bribena pleads for understanding, highlights solutions to organization’s problems
-
Business6 days ago
Wema Bank Unveils CoopHub, Nigeria’s First Digital Platform for Cooperative Societies