The bank gave the warning in its Macroeconomic Performance and Outlook for 2024, even as it projected a 3.8 percent growth rate for Africa in 2024.
As the cost of living continues to rise in Nigeria as a result of fuel subsidy removal and devaluation of naira, the African Development Bank (AfDB) has warned of potential unrest in the country.
The continental bank also predicted more troubles in other African countries that face challenges similar to Nigeria, such as Angola, Ethiopia and Kenya, following hikes in fuel and commodity prices.
The bank gave the warning in its Macroeconomic Performance and Outlook for 2024, even as it projected a 3.8 percent growth rate for Africa in 2024.
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."
SaharaReporters reported that because of the high cost of living, there have been hunger protests in Minna, Niger State capital; Kano, Kano State; Federal Capital Territory, Abuja and some states in southwest Nigeria.
On Monday (today), there will be a protest in the Mokola area of Ibadan, the Oyo State capital, as announced on fliers distributed by an unnamed group.
The government has since accused the opposition parties of instigating the protests. Meanwhile, the International Monetary Fund has commended President Bola Tinubu for having the courage to ahead with policies his predecessors lacked the courage to do.
The IMF, however, asked the government to remove fuel and electricity subsidies to free more funds to run the government.
Northern traditional rulers last week warned of agitations by their subjects, as according to them, the suffering had become unbearable in the country.
The Sultan of Sokoto, Saad Abubakar who spoke for the traditional rulers said that the economic hardship in Nigeria had reached a level where citizens were hungry and angry.
He specifically warned the Federal Government that the hardship caused by insecurity and poverty in the North was getting to a level where they were increasingly finding it difficult to pacify their people.
Also, last week, the Nigeria Labour Congress (NLC) announced a two-day nationwide protest over the hardship in the country.