'We Are Hungry,' Chant Nigerian Protesters As 13 People Die

(MENAFN- The Peninsula) Washington Post

A clampdown by Nigerian security forces on protests against high living costs in Africa's most-populous nation has left at least 13 people dead.

Crowds chanting "we are hungry” marched through the streets of several cities on Thursday, and a 24-hour curfew was imposed in the northern Kano, Borno and Yobe states after the demonstrations turned violent. protesters gathered in small numbers in the capital Abuja, the commercial hub of Lagos and the town of port Harcourt in Rivers State on Friday morning.

The protesters' 12 demands include that the government fully reinstate fuel subsidies that cost $10 billion in 2022 alone and were partially scrapped last year, cut electricity tariffs and reduce duties on imports.

Thirteen people who were protesting peacefully died in three seperate incidents, Amnesty International said in a statement on Friday. It described the violent crackdown as "unjustified and unacceptable” and called for an investigation into the killings.

Public anger has been stoked by a surge in the prices of gasoline, food and electricity, which has driven inflation to a near three-decade high. The protesters lay blame on reforms that have been introduced by President Bola Tinubu since he took office in May last year, including the scrapping of subsidies and relaxation of foreign exchange controls that have weakened the naira.

A cloud of tear gas fired by Nigerian security forces lingers during the End Bad Governance protest in Abuja on August 2, 2024. (Photo by Kola Sulaimon / AFP)

There's a risk that sustained public pressure may persuade the government to backpedal on some of its reforms, which in turn may crimp efforts to attract foreign capital inflows into a country where 40% of its more than 200 million people live in extreme poverty.

The unrest has unnerved investors, with the yield on Nigeria's longest dated dollar bond maturing in 2051 jumping 19 basis points to 11.19% on Friday, the highest since November, according to data compiled by Bloomberg. The stock exchange's main index declined 0.42% to 97,359.76 points, the lowest since January 22.

The protesters have been mobilized through social media platforms, with organizers calling for daily rallies to be held through August 10. The authorities have tried to stop them, obtaining court orders, issuing warnings against the holding of illegal gatherings and pleading with traditional and religious leaders to urge their followers not to participate.

The police blamed the protesters for the violence.

"Police stations have been destroyed, there have been attempts to take over government houses, looting of government infrastructures, several warehouses and shops have so far been looted and, in several instances, completely destroyed,” Kayode Egbetokun, the inspector-general of police, said in a statement.

Tinubu's administration has suspended import duties on staple food, drugs and other essential items for six months to reduce prices and has more than doubled the nation's minimum wage. But that hasn't placated the demonstrators.

In Kenya, the government was recently forced to abandon tax increases that were aimed at raising more than $2 billion of revenue needed to plug the East African nation's budget shortfall after struggling to quell protests in which at least 61 people died.

Nigeria's government still spends about $600 million each month on gasoline subsidies and may now be reluctant to do away with them, Citibank analysts Alexander Rozhetskin and Luis Costa said in a note on Friday.

Maintaining that support could widen a budget deficit that the International Monetary Fund currently expects to equate to 4.7% of gross domestic product this year, and precipitate cutbacks on programs that are meant to cushion poor Nigerians against the fallout of the government's tough economic policies.

One potential positive is that the protests may ensure that initiatives to curb price pressures, particularly on food items, are expedited and transparency and accountability are improved, BancTrust & Co. said in a research note.

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