Nigeria spends N520bn on arms imports in 2024

According to a recent National Bureau of Statistics (NBS) report, Nigeria imported arms and ammunition worth over N520 billion in 2024.

The Q4 2024 trade statistics, according The Punch report, indicate that this figure represents the highest annual expenditure on weapons in a four-year period, during which Nigeria spent a total of N777.1 billion on arms imports since 2020.

Most of the 2024 spending—N483.85 billion—occurred in the final quarter between October and December.

The media report said the surge in arms imports comes despite claims by Bello Matawelle, Minister of State for Defence, that Nigeria had begun exporting weapons to other African countries.

The NBS report did not specify any destination countries for potential exports.

Previous years showed significantly lower spending: N127.16 billion in 2023, N28.24 billion in 2022, N72.50 billion in 2021, and N29.24 billion in 2020.

The NBS compiled this data from multiple sources including the Nigeria Customs Service, Nigerian National Petroleum Corporation Limited, the Central Bank of Nigeria, and various government agencies.