The African Development Bank has raised concerns about the possibility of social unrest in Nigeria, Ethiopia, Angola, and Kenya due to the escalating prices of fuel and other essential commodities. In its 2024 macroeconomic performance and outlook report, the AfDB highlighted the potential for internal conflicts and violence stemming from the economic challenges.

The report also projected a more robust economic growth for Africa in 2024, estimating a rebound to 3.8% from the 3.2% recorded in 2023. However, it emphasized the vulnerability of domestic currencies and the subsequent impact on fuel and commodity prices, potentially leading to social upheaval and opposition to government policies in the aforementioned countries.

Notably, the removal of fuel subsidies in Angola, Ethiopia, Kenya, and Nigeria has already sparked social unrest due to the resultant increase in living costs. In Nigeria, for instance, organized labor is planning a nationwide protest on February 27 and 28, 2024, in response to the high cost of living.

These warning signs from the AfDB serve as an indication of the delicate balance between economic growth and the potential for social instability in these African nations.