The African Development Bank has said that the hardship over rising cost of goods and services could lead to social unrest in Nigeria and some other African countries.
The bank said this in its macroeconomic performance and outlook for 2024, which was published on its website.
According to the bank in the publication over the weekend, other African countries where there could be social unrest over rising cost of living are Ethiopia, Angola and Kenya.
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In the outlook, the AfDB also projected that Africa’s economy will grow in 2024 as it will rebound to 3.8 percent from the 3.2 percent it recorded in 2023.
It said: “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.”
According to the AfDB, the real Gross Domestic Product growth for Africa is expected to average 3.8 percent and 4.2 percent in 2024 and 2025.
According to the report, the continent is set to remain the second fastest growing region after Asia.
The report said: “The top 11 African countries projected to experience strong economic performance forecast are Niger (11.2 percent), Senegal (8.2 percent), Libya (7.9 percent) and Rwanda (7.2 percent).
“Others are Cote d’Ivoire 6.8 percent, Ethiopia 6.7 percent, Benin 6.4 percent, Djibouti 6.2 percent, Tanzania 6.1 percent, Togo 6 percent, and Uganda at six percent.”
The report quoted the President of the AfDB, Dr. Akinwumi Adesina, as saying: “In spite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than five per cent.”
Adesina, therefore, called for larger pools of financing and several policy interventions to boost Africa’s growth further.
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