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

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

(Ecofin Agency) - 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

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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