African Development Bank: High Cost of Living in Africa Could Cause Unrest

The African Development Bank is warning that the rising cost of energy, food and other commodities in several African countries, including Angola, Ethiopia and Kenya, could trigger social unrest. Already, people in Africa's most populous country, Nigeria, have been marching to protest the high cost of living, prompting the government to release grain from the national reserves.

The African Development Bank's notice was contained in its biannual Africa Macroeconomic Performance outlook publication released last week.

The bank said in its 2024 forecast that energy and food price increases — along with a currency depreciation in Angola, Ethiopia, Kenya and Nigeria — could spark internal conflict, despite Africa showing overall economic growth.

The bank also said conflicts in eastern Europe and the Middle East could trigger supply chain disruptions, exacerbate inflation across the world, and make Africa's situation more precarious.