In 2024, Nigeria spent over ₦520 billion on arms imports, marking the highest in five years. This amount constitutes two-thirds of the total arms imports over the last five years. The spending raises questions about the country’s defense strategy and contradicts Minister Bello Matawalle’s statements regarding arms exports.
In 2024, Nigeria experienced its highest expenditure on arms and ammunition imports in five years, surpassing ₦520 billion. This significant amount constituted approximately two-thirds of the total arms importation bill for the country during the specified five-year period, indicating a historical trend in military expenditures.
This information was disclosed in the Q4 2024 Trade Statistics Report by the National Bureau of Statistics (NBS), which highlighted that between 2020 and 2024, Nigeria imported a total of ₦777.1 billion in military hardware.
Impressively, ₦483.85 billion of this total was expended in the fourth quarter of 2024 alone, raising important questions regarding the assertions made by Minister of State for Defence, Bello Matawalle, about Nigeria evolving into a net exporter of arms.
During a statement in August 2024, Minister Matawalle claimed, “Nigeria is now producing and exporting military equipment to several African nations,” suggesting that this would generate foreign exchange and create jobs. However, official NBS data indicates that the only recorded export was a mere ₦192.64 million in 2021.
A year-by-year breakdown illustrates a stark increase in import expenditures: ₦29.24 billion in 2020, ₦72.50 billion in 2021, ₦28.24 billion in 2022, ₦127.16 billion in 2023, culminating in ₦520.96 billion in 2024. This sharp escalation particularly highlights the substantial growth from previous years, notably from just ₦28.24 billion spent in 2022.
The NBS sourced its report data from credible institutions, including the Nigeria Customs Service and the Central Bank of Nigeria, affirming its reliability and authority. This surge in arms importation provokes critical reflections on Nigeria’s defense policies, especially amidst claims of enhancing local military production as a means to address national security challenges.
In summary, Nigeria’s arms imports reached an unprecedented level in 2024, raising concerns about its defense strategy. The stark increase in military expenditure, coupled with contradictory statements from government officials regarding arms export capabilities, underscores the need for transparency and effective local production strategies to resolve internal security challenges. Such government assertions stand in stark contrast to factual data presented by the National Bureau of Statistics.
Original Source: africa.businessinsider.com
