Business

Rising prices of fuel and commodity could lead to social unrest in Nigeria- AfDB  

The African Development Bank (AfDB) has warned that an increase in prices of commodities and fuel could result in social unrest due to opposition to government policies such as subsidy removal.  


This is according to the bank’s macroeconomic performance and outlook for 2024 where it projected the continent’s economy to grow higher than the 3.2% recorded in 2023. 


The bank noted that increase in geopolitical tensions in Eastern Europe and the Middle East coupled with the El Nino phenomenon could trigger supply chain disruptions which could exacerbate energy and food inflation across the world with Africa more vulnerable to these shocks.