Cost of Living Protests Erupt Across Nigeria

Partly inspired by protests in Kenya, Nigerian youth have taken to the streets to oppose economic policies they believe are worsening living conditions in the country. Just weeks after deadly demonstrations in Kenya over President William Ruto’s tax reforms, similar protests erupted in Abuja, Lagos, and other major Nigerian cities. These protests focus on President Bola Tinubu’s economic reforms, including the removal of central bank interventions in the foreign exchange market.

Tinubu’s recent policy changes include ending a costly fuel subsidy, which led to an immediate rise in fuel prices and, consequently, higher costs for other essential goods. While some economists view these reforms as necessary for addressing Nigeria’s long-standing economic issues, they have led to a significant decline in the naira’s value and skyrocketing inflation, currently at 34%. With unemployment high and subsidies ended, many Nigerians are feeling the economic strain.

The unrest in Kenya and Nigeria could have broader economic consequences, especially if governments are forced to abandon their reform agendas. According to David Omojomolo, an economist at Capital Economics, ongoing regional issues like corruption and fiscal instability make the region susceptible to further unrest. He notes that while short-term disruptions might have limited effects on growth, they could negatively impact public finances and increase concerns about sovereign defaults.

Nigerian authorities have responded forcefully to the protests, some of which have featured the Russian flag—a symbol some interpret as criticism of Western financial institutions like the IMF and World Bank, which often condition their support on economic reforms. Nigerian Defense Chief General Christopher Musa has vowed to pursue those responsible for unrest and vandalism, while Amnesty International reports that at least 13 protesters have been killed by security forces.

In response to the unrest, President Tinubu has promised to address the protesters’ concerns but has not provided specific details. In a recent address, he assured Nigerians that his government is committed to listening and making necessary adjustments, though it remains uncertain whether his reform agenda will continue to be politically sustainable amidst growing discontent.