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
Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...
Since its 2019 IPO, Airtel Africa paid Deloitte over $37 million in audit and non-audit fees,...
CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...
World Bank announces $137 million to boost West Africa digital economy Program expands broad...
ECOWAS is proposing a regional digital platform for passengers to file and track complaints online...
Ghana faces strain on its electricity network due to about 1,000 overloaded transformers. Authorities plan large-scale replacement and capacity...
Namibia and Russia agreed to expand cooperation across energy, mining, and agriculture. Both countries emphasized improving the investment climate and...
Burkina Faso will require all IT technical certification applications to be submitted online starting April 1. The reform eliminates physical...
A Telecel entrou oficialmente no mercado de telecomunicações do Gana em fevereiro de 2023, ao assumir as operações da Vodafone, então em dificuldades....
Event highlights growing role of diaspora entrepreneurs across multiple sectors Networks support trade, investment and SME...
Afreximbank launches Impact Stories season two highlighting trade-driven transformations Series features projects across Africa and Caribbean, from...