Nigeria’s Arms Imports Surge to Over ₦520 Billion in 2024, Highest in Five Years

In 2024, Nigeria spent over ₦520 billion on arms imports, marking the highest expenditure in five years, which raised concerns about the nation’s defense strategy amid claims of becoming a net exporter of arms. Data from the National Bureau of Statistics indicated a total import bill of ₦777.1 billion between 2020 and 2024, with 2024 alone accounting for two-thirds of this amount.

In 2024, Nigeria recorded its highest expenditure on arms imports in a five-year timeframe, spending over ₦520 billion on weaponry. This expenditure represented two-thirds of the total arms import bill incurred between 2020 and 2024. The data showcases an alarming trend that contradicts claims made by government officials regarding Nigeria’s transition to a net arms exporter.

The findings were disclosed in the Q4 2024 Trade Statistics Report published by the National Bureau of Statistics (NBS) on 7 March 2025. The report indicated that from 2020 to 2024, Nigeria spent a total of ₦777.1 billion on arms and ammunition. Notably, 2024 alone accounted for a staggering 67% of this total.

In a significant portion of that spending, nearly ₦484 billion was allocated just in the final quarter of 2024. This dramatic increase raises doubts about the assertions made by the Minister of State for Defence, Bello Matawalle, who had stated that Nigeria was evolving into a net exporter of arms.

During an address at the 60th anniversary of the Defence Industries Corporation of Nigeria (DICON) in August 2024, Minister Matawalle remarked, “Nigeria is now producing and exporting military equipment to several African nations. This advancement will strengthen our economy through foreign exchange earnings, create jobs, and reduce capital flight.” However, this claim is contradicted by NBS data indicating that Nigeria only recorded arms exports worth ₦192.64 million in 2021, with no details about recipient nations.

The year-by-year breakdown of arms importation reveals the following figures: 2020 recorded ₦29.24 billion, 2021 saw ₦72.50 billion, 2022 had ₦28.24 billion, 2023 increased to ₦127.16 billion, and 2024 surged to an astonishing ₦520.96 billion. This pattern, particularly the sharp rise in 2024, stands in stark contrast to earlier years and raises significant concerns about Nigeria’s defense strategies.

The NBS compiled the report using data from reputable sources, including the Nigeria Customs Service and other relevant agencies. Questions now arise regarding Nigeria’s defense policy and its ability to address internal security through increased domestic arms manufacturing, particularly in light of escalating arms importation.

In summary, Nigeria’s arms import expenditures reached unprecedented levels in 2024, totaling over ₦520 billion. This figure accounts for a significant majority of the arms imports over the past five years, undermining claims by government officials about becoming a net exporter. The sharp increase in imports suggests deeper issues related to the nation’s defense strategy and its capability for local military production.

Original Source: africa.businessinsider.com