Nigeria spent over ₦520bn on arms imports in 2024 – highest in five years

This was revealed in the Q4 2024 Trade Statistics Report released by the National Bureau of Statistics (NBS) on 7 March 2025. According to the report, Nigeria imported a total of ₦777.1 billion worth of arms and ammunition between 2020 and 2024.

The NBS report indicates that 2024 alone accounted for a staggering 67% of Nigeria’s total arms import bill over the five-year period. In a dramatic surge, ₦483.85 billion—nearly the entire amount for the year—was spent in the final quarter alone.

This surge calls into question recent assertions by the Minister of State for Defence, Bello Matawalle, who previously claimed that Nigeria was becoming a net exporter of arms.

During the 60th anniversary of the Defence Industries Corporation of Nigeria (DICON) in August 2024, Minister Matawalle stated: “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, the NBS data directly contradicts this claim. The only recorded export of arms and ammunition occurred in 2021, totalling just ₦192.64 million. The report did not specify the recipient countries.

The sharp rise in 2024 contrasts significantly with earlier years, particularly 2022, when the country spent just ₦28.24 billion on arms. The spending more than quadrupled between 2022 and 2023 and surged even further last year.

The NBS compiled its report using data from multiple credible institutions including the Nigeria Customs Service (via the Integrated Customs Information System), the Nigerian National Petroleum Corporation Limited, the Central Bank of Nigeria, oil sector stakeholders, the Federal Airports Authority of Nigeria, and the Nigerian Ports Authority.

Questions loom over Nigeria’s defence strategy

The dramatic increase in arms importation at a time when the government claims to be boosting local military production raises significant questions about Nigeria’s defence policies, transparency, and its capacity to meet internal security challenges through domestic arms manufacturing.