Public Management

Nigeria’s military spending grew 56% YoY in 2021 (SIPRI)

Nigeria’s military spending grew 56% YoY in 2021 (SIPRI)
Wednesday, 27 April 2022 16:58

Faced with a tough security situation, Nigeria increased its military spending in recent years, to improve its military power. Early this month, the country received approval for its about US$1 billion weapons and military equipment purchasing plan. 

Nigeria's military spending rose 56% year-on-year in 2021, according to the 2021 global military spending published by the Stockholm International Peace Research Institute (SIPRI).

According to the institute, in 2021, Nigeria spent US$4.5 billion to strengthen its military in response to its “various security challenges, such as attacks by Islamist extremists and separatist insurgents.” 

Indeed, over the past few years, the country’s security environment has worsened significantly due to attacks by Islamist sects Boko Haram and Islamic State in West Africa Province (ISWAP). The security challenges are further worsened by armed groups (bandits) who carry out mass kidnappings and reinforce their influence with the ransoms collected or by collaborating with terrorist groups. 

President Muhammadu Buhari who promised to restore security in the country is not yet much successful in doing so. Nevertheless, the country is spending heavily on military equipment. Recently, the US approved its proposed acquisition of US$1 billion worth of weapons and military equipment. 

In sub-Saharan Africa, Nigeria has been the country that spent the most to improve its military power in 2021. In the whole of Africa on the other hand, it was Algeria with its US$9.1 billion spent for military purchases. Overall, Africa spent US$39.7 billion for that purpose during the period.

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Libya’s central bank cut the dinar by 14.7% to 6.37 per dollar, marking the second devaluation in less than a year. Authorities cited unchecked...
Blue Earth Capital secures over $100 million first close Impact secondaries strategy targets emerging markets, including Africa and...
Coris buys Portugal state’s 59.81% stake in Banco Comercial do Atlântico Deal approved by Portugal and Cape Verde regulators Transaction...
Togolese banks provided 16.2% of WAEMU cross-border credit by September 2025 Regional cross-border financing rose to CFA405.6 billion Credit...
Most Read
01

Togolese banks provided 16.2% of WAEMU cross-border credit by September 2025 Regional cross...

Togo accounts for 16.2% of cross-border bank financing in WAEMU
02

Nigerian fintech Paystack launches Paystack Microfinance Bank Bank created after acquiring ...

Stripe-Owned Paystack Enters Nigerian Microfinance Banking Via Acquisition
03

Nigeria granted Amazon Kuiper a seven-year license starting February 2026 The move opens comp...

Amazon wins approval to enter Nigeria’s satellite internet market
04

Tether partnered with the United Nations Office on Drugs and Crime to strengthen digital asset cyb...

Tether and UNODC Launch Digital Asset Cybersecurity Initiative in Africa
05

Microfinance deposits in Togo increased by CFA11.9 billion, a 2.7% rise in the second quarter of 2...

Microfinance: Deposits in Togo Rise 2.7% in Second Quarter of 2025
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.